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This report details the findings of the Biodiversity Management Agreement (BMA) Tax Incentive Incubator, a project by the Sustainable Landscape Finance Coalition (including WWF-SA and Wilderness Foundation Africa). The incubator investigated how to unlock a dormant tax incentive under section 37C(1) of the Income Tax Act No. 58 of 1962 for the conservation management of species and habitats in South Africa. The investigation concluded that the necessary building blocks for the finance solution are present, leading to the launch of a pilot project targeting rhino and lion conservation between July 1, 2021, and June 30, 2022.