Form IT-CONSV Conservation Tax Credit - Georgia (United States)

What Is Form IT-CONSV?

This is a legal form that was released by the Georgia Department of Revenue - a government authority operating within Georgia (United States). As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form IT-CONSV?
A: Form IT-CONSV is the Conservation Tax Credit form used in Georgia, United States.

Q: What is the Conservation Tax Credit?
A: The Conservation Tax Credit is a tax credit available to individuals and corporations in Georgia who donate land for conservation purposes.

Q: Who is eligible to claim the Conservation Tax Credit?
A: Individuals and corporations who donate land for conservation purposes in Georgia are eligible to claim the Conservation Tax Credit.

Q: What can the Conservation Tax Credit be used for?
A: The Conservation Tax Credit can be used to offset an individual's or corporation's Georgia state income tax liability.

Q: How much is the Conservation Tax Credit worth?
A: The Conservation Tax Credit is equal to 25% of the fair market value of the donated land, up to a maximum credit of $250,000 for individuals and $1 million for corporations.

Q: How do I claim the Conservation Tax Credit on Form IT-CONSV?
A: To claim the Conservation Tax Credit, you must complete Form IT-CONSV and attach it to your Georgia state income tax return.

Q: Can the Conservation Tax Credit be carried forward or refunded?
A: No, the Conservation Tax Credit cannot be carried forward to future years or refunded as a cash payment.

Q: What documentation is required to claim the Conservation Tax Credit?
A: To claim the Conservation Tax Credit, you must provide documentation such as an appraisal of the donated land and a conservation easement deed.

Q: Are there any restrictions on claiming the Conservation Tax Credit?
A: Yes, there are certain restrictions and requirements for claiming the Conservation Tax Credit, including compliance with federal and state conservation guidelines.

Q: Are there any deadlines for claiming the Conservation Tax Credit?
A: Yes, the deadline for claiming the Conservation Tax Credit is the same as the deadline for filing your Georgia state income tax return.