Saturday, May 24, 2008
On Thursday Congress passed HR 2419, overriding the President's veto. HR 2419 began as the Farm Bill and was renamed the Food, Conservation and Energy Act in the final version. The Act includes a two-year extension of the conservation easement deduction originally enacted under the Pension Protection Act. The PPA created the deduction as a temporary incentive and provided for its expiration at the end of 2007. The Act extends the deduction until December 31, 2009.