The Land Trust Alliance, a national land conservation organization, reacted to news that a federal grand jury returned an indictment charging seven individuals with conspiracy to defraud the United States and other crimes arising out of their promotion of fraudulent tax shelters involving syndicated conservation easements, according to a release from Land Trust Alliance.
“This criminal indictment and the allegations contained within it paint a picture of severe abuse of the federal tax incentive for conservation easement donations,” Land Trust Alliance President/CEO Andrew Bowman said in a released statement. “For years, the Land Trust Alliance has urged Congress and federal agencies to halt this type of egregious abuse. And while we are heartened to see indictments filed, the most expedient and cost-effective solution is a legislative one.
“Criminal prosecutions like this highlight the need for Congress to pass the Charitable Conservation Easement Program Integrity Act as soon as possible,” Bowman added. “This bipartisan, bicameral bill would halt the abuse, protect a critical land conservation incentive and enact safeguards to protect American taxpayers from bad actors who have made millions turning conservation easement donations into profit opportunities.”
The company president and CEO also stated that “these egregious abuses of the tax code must stop. It is now on Congress to act.”