Source: United States Senator for Iowa Chuck Grassley
Sep 17, 2019
Washington – Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Ranking Member Ron Wyden (D-Ore.) have issued subpoenas for documents in their bipartisan probe of syndicated conservation-easement transactions. Generally, conservation easements are a legitimate tax tool to promote land conservation, but some of them in recent years may have allowed some taxpayers to profit from gaming the law—depriving the government of billions in revenue.
Grassley and Wyden issued the following joint statement.
“As we’ve both said all along, conservation easements have very legitimate purposes. We need to protect those purposes and protect the American taxpayer. If a handful of folks can game the system for profit, then we’re all left holding the bag. We expect fulsome cooperation with our investigation, and it’s unfortunate we’ve had to resort to compulsory process. Ultimately, when Congress makes an inquiry, it needs to be answered. It’s not optional.”