Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Green Tax Break Crackdown Attached to Senate Retirement Bill (1)

June 22, 2022, 4:55 PMUpdated: June 22, 2022, 8:05 PM

A plan to curb tax-advantage land deals known as syndicated conservation easements was attached to a bipartisan retirement package advanced Wednesday by the Senate Finance Committee.

An amendment from Sens. Steve Daines (R-Mont.), Debbie Stabenow (D-Mich.), and Chuck Grassley (R-Iowa) targets deals in which promoters solicit multiple investors to buy land and donate the development rights to generate tax deductions. The IRS has long considered the transactions to be a form of tax avoidance, alleging that they typically rely on inflated land appraisals that result in tax benefits far greater than the actual investment.

The Finance panel adopted ...