Virginia is a beautiful place to live. Landowners of certain tracts may be able to preserve their land, and receive financial benefits in the process. Simply put, a conservation easement is an agreement between the present landowner and an agency such as the Virginia Outdoors Foundation, acting on behalf of the Commonwealth of Virginia, to preserve the land for generations to come.
Granting a conservation easement is a charitable donation, allowing for a deduction on the donor’s federal income tax return. As an additional incentive, the Commonwealth of Virginia gives the donor income tax credits that can be applied on the donor’s Virginia income tax return. Since donors often receive credits worth much more than they can personally use, donors are allowed to sell their credits to be used by other Virginia taxpayers.