13 CAR § 15-104 – Charitable contribution deduction allowed

(a) The owner may take a charitable contribution deduction for the donation of a conservation easement of a certified historic structure.
(b) The deduction is valued as the difference between the fair market value of the property before contribution of the easement and the value of the property after the donation of the easement.
(c) This type of deduction often results in a significant tax savings for the grantor.
(d) However, the acceptance of a conservation easement by the Arkansas Historic Preservation Program does not per se guarantee that the necessary requirements are met for qualifications for a charitable contribution deduction pursuant to 26 U.S.C. § 170.
(e) Due to the complexity of the tax law and property title consequences of conservation easements, an attorney should be consulted before entering into this type of transaction.