Donation of Land Tax Credits
Conn. Gen. Stat. §§. 12-217dd and 12-217ff Both tax credits are equal to 50% of the value of any donated land and both credits may be applied against the tax imposed under section 12-217 of the Connecticut General Statutes. Definitions Donation of open space land means the value of any land or interest in the land conveyed without financial consideration, or the value of any discount of the sale price in any sale of land or any interest in land, to the state, a political subdivision of the state, a water company, as defined in section 25-32a, or a nonprofit land conservation organization, where the land is to be permanently preserved as protected open space or used as a public water supply source. Donation of land for educational use means the value of any land or interest in the land conveyed without financial consideration, or the value of any discount of the sale price in any sale of land or interest in land, to any town, city, or borough, whether consolidated or unconsolidated, and any school district or regional school district for the purpose of schools and related facilities. Use value means the fair market value of land at its highest and best use, as determined by a certified real estate appraiser. Tax Credit Amount The tax credit amount available is equal to 50% of any donation of open space land or 50% of any donation of land for educational use. Carryforward and Carryback Limitations The tax credit for the donation of open space land may be carried forward for a period of 25 successive income years until the tax credits is fully taken. No carryback is allowed. The tax credit for the donation of land for educational use may be carried forward for a period of 15 successive income years until the tax credit is fully taken. No carryback is allowed. How to Claim the Tax Credit Complete Where to Get Additional Information Direct inquiries to: Connecticut Department of Revenue Services Taxpayer Services Division 1-800-382-9463 ( 860-297-5962 Statutory and Regulatory References Conn. Gen. Stat. §§.12-217dd and 12-217ff Last updated March 1, 2012 |
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