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Committee on Ways and Means
Subcommittee on Select Revenue Measures

For Immediate Release
Contact: Press Office 202-225-8933
April 23, 2002

WASHINGTON - Next week the Subcommittee on Select Revenue Measures will review how tax incentives can help preserve open spaces and communities.

The Internal Revenue Code includes a number of incentives to encourage responsible guardianship of land, including the deductibility of gifts of land to charitable institution, the deductibility of gifts of conservation easements, and the expensing of environmental remediation costs. The hearing will explore proposals designed to enhance those incentives and further encourage the preservation of open spaces.

Chairman McCrery said, “Across America, once-pristine natural resources are giving way to the spread of urban areas. In many cases, the estate tax’s valuation rules have forced family farms to be sold to developers. This hearing will give the Committee a better handle on the challenges facing communities working to preserve open spaces and the ways in which the tax code might help those efforts.”