Overview
On June 28, 2023 Law360 quoted Caitlin Tharp in a piece titled, “Carveout Recognizes Idiosyncrasies Of Historic Easements.” The piece discusses Congress’ crack down on abusive charitable tax deduction claims for donations of partnership conservation easements while creating a carveout for easements on historic buildings.
Caitlin said, “In exempting preservation easements in the new enforcement law, Congress has recognized that such arrangements are fundamentally different from open space easements. For open space easements, the preservation purpose will be met by a lack of interference and allowing nature to run its course, but a historic preservation easement requires continual intervention and expenditures to protect and maintain the building's historic character."
"When investments are made in historic preservation, some of the funds are earmarked for ongoing capital expenses, including maintenance," she said. "This ongoing maintenance is the reason that greater investment may be needed for historic properties."
The full article can be read at Law360.
