Washington, DC (October 4, 2007)- The Senate Finance Committee approved the “Heartland, Habitat, Harvest, and Horticulture Act of 2007” by a vote of 17-4. The bill addresses many farm programs, and includes tax breaks for disaster assistance, endangered species projects, farmland conservation, and wind and cellulosic energy development.
Among other things, the bill:
* Establishes a pilot project for forest conservation activities by providing two types of tax benefits available to qualified organizations that acquire forest and forest lands for conservation management.
* Makes permanent a provision in the Pension Protect Act set to expire on the last day of 2007 that:
* Allows landowners who make more than half their income from farming and ranching to deduct the value of the conservation easement against 100 percent of their gross adjusted income over 16 years.
* Allows all other landowners to deduct the value of the conservation easement against 50% percent of their gross adjusted income over 16 years.
* Provides tax benefits to farmers, ranchers and other landowners who set aside land or make efforts to improve habitat on their property.
* Contains numerous provisions relating to cellulosic ethanol, including an extra $0.50 per gallon credit for cellulosic ethanol producers.
October 4, 2007- Passed Finance Committee
Senate Finance Committee
Congressional Budget Office Cost Estimate