Conservation easements — tax breaks granted to protect undeveloped land — have become an increasingly common practice over the last decade, especially in Georgia.
Syndicated conservation easements, such as the one in Clay County, grant write-offs to multiple partners, each buying a share in a tract of land. They are attracting increased scrutiny from lawmakers and the IRS as a means for the wealthy to avoid paying their appropriate share of taxes.
As of February, about 84 percent of syndicated easements were in some stage of an IRS audit, according to the finance committee report, which was released in August. The report found that about $10.6 billion of tax revenue was lost to syndicated easements between 2010 and 2017. And lawmakers in September introduced a new bill aimed at closing such loopholes.
The IRS publicly flagged syndicated conservation easements in December 2016, and the Department of Justice filed suit against