On March 27, 2019, the Senate’s Committee on Finance announced a bipartisan fact-finding effort around conservation easements donated by partnerships. With increasing attacks by the Internal Revenue Service on donors of conservation easements over the past few years, Webb Creek supports Congressional efforts to better understand the crucial role partnerships play in preserving valuable land through the conservation easement incentive of Section 170(h) of the Internal Revenue Code. Webb Creek recognizes the need for targeted legislation to provide better clarity to donors and to ensure donations are supported by independent and accurate valuations. We have long supported best practices within our industry, and it is our hope that this process will underscore to Congressional staff and lawmakers exactly how our projects comply with both the letter and the spirit of the law, and go through a vigorous and independent review process. We are confident that the projects in which we have been involved will withstand close scrutiny and demonstrate clearly that Webb Creek is an exemplary industry participant.
Privately initiated conservation efforts are needed now more than ever. Individuals, partnerships and corporations have helped to protect millions of acres over the last few decades under this program. By being a part of the legislative process, Webb Creek will work to remedy ill-conceived policies such as IRS Notice 2017-10 and curtail unfair legislation that threatens a large share of private conservation. Along with Partnership for Conservation, “we look forward to working with all stakeholders to find solutions that will continue to encourage and incentivize private conservation of land for generations to come.”