Land for Tomorrow praises the North Carolina’s General Assembly and Governor for passing the NC Farm Act, SB 355, which includes the return of a pivotal tax credit for land conservation.
The Farm Act passed unanimously 104-0 in the House and 40-0 in the Senate. Senator Brent Jackson (R-Sampson) was a critical leader in the success of this bill. He issued the following statement:
“I am honored to work on this legislation on behalf of North Carolina farmers. Agriculture is North Carolina’s No.1 industry, and it is critical that we do all we can to support all the families who depend on agriculture to support their livelihood. We are all touched by agriculture daily, and this legislation shows the General Assembly’s commitment to protecting agriculture in North Carolina today and for generations to come.”
Governor Roy Cooper issued the following statement on signing the bill on July 3, 2024:
“The conservation tax credit I proposed in my budget and passed into law with this bill will help us reach the goal I set of permanently conserving one million new acres of natural lands by 2040. Protecting forests, wetlands, and farmlands makes us more resilient to climate hazards, reduces carbon in our atmosphere, promotes military readiness, and supports local economies.”
The conservation tax credit included in the Farm Act is a time-limited NC tax policy that allows for a state tax credit on the value of real estate donated to a qualified nonprofit or government entity for farmland preservation, public trails, fish and wildlife, and other conservation-related purposes. The property must be donated within two years, between January 1, 2025, and December 31, 2026. There are other limitations on the tax credit. Landowners should consult with tax professionals if they’re interested in taking advantage of the tax credit opportunity.
The conservation tax credits are a powerful incentive for private landowners to conserve more farm and forest land and expand our state’s parks, trails, and wildlife areas. Neighboring states, including Virginia, South Carolina, and Georgia, also provide this incentive to conserve land.
North Carolina previously had this incentive, and in the ten years of the program, it helped encourage landowners to conserve 238,000 acres across the state. When the program ended on December 31, 2013, our state saw a steep decline in the number of projects conserved and acres protected.
Providing incentives like the Conservation Income Tax Credit to private landowners will increase the number of conservation projects and reduce acquisition costs for state, local, and private agencies.
“Preserving North Carolina’s working farms, forests, and trails is more important than ever as our state continues to grow. Putting a conservation tax credit in place couldn’t come at a better time,” said Kevin Redding, director of Piedmont Land Conservancy and chair of the Coalition. “Thanks to Sen. Brent Jackson, Rep. Jimmy Dixon, Rep. Steve Ross, Rep. Michael Wray, and Agriculture Commissioner Troxler for their leadership on this effort.”
“Passing this bill puts us in line with South Carolina, Georgia, and Virginia, which all have similar state tax credit policies,” said Tim Gestwicki, Chief Executive Officer of the North Carolina Wildlife Federation. “Hunting and fishing are a way of life in North Carolina. The conservation tax credit helps us in our work to secure our fish and wildlife for future generations by providing landowners with an incentive to protect their property permanently.”
Land for Tomorrow is a statewide coalition of community leaders, conservation and wildlife organizations, and parks and recreation advocates who share the goal of increasing land and water conservation in North Carolina.
