SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2002 SESSION
023306772Be it enacted by the General Assembly of Virginia:
1. That § 58.1-513 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-513. Limitations.
A. Any taxpayer claiming a tax credit under this act article shall not claim a
credit under any similar Virginia law for costs related to the same project. To
the extent a credit is taken in accordance with this article, no subtraction
allowed for the gain on the sale of (i) land dedicated to open-space use or
(ii) an easement dedicated to open-space use under subsection C of § 58.1-322
shall be allowed for three years following the year in which the credit is taken.
B. Any tax credits which that arise under this act article from the donation of
land or an interest in land made by a pass-through tax entity such as a trust, estate, partnership, limited liability
corporation or partnership, limited partnership, subchapter S corporation or
other fiduciary shall be used either by such entity if it is the taxpayer on
behalf of such entity or by the member, manager, partner, shareholder and/or
beneficiary, as the case may be, in proportion to their interest in such entity
in the event that income, deductions and tax liability pass through such entity
to such member, manager, partner, shareholder and/or beneficiary or as set
forth in the agreement of said entity. Such tax credits shall not be claimed by
both the entity and the member, manager partner, shareholder and/or beneficiary
for the same donation.
C. Any taxpayer holding a credit under this article may transfer unused but otherwise allowable credit for use by another taxpayer on Virginia income tax returns. A taxpayer who transfers any amount of credit under this article shall file a notification of such transfer to the Department in accordance with procedures and forms prescribed by the Tax Commissioner.
D. To the extent included in and not otherwise subtracted from federal adjusted gross income pursuant to § 58.1-322 or federal taxable income pursuant to § 58.1-402, there shall be subtracted any amount of gain or income recognized by a taxpayer on the application of a tax credit under this article against a Virginia income tax liability.
E. The transfer of the credit and its application against a tax liability shall not create gain or loss for the transferor or the transferee of such credit.
2. That the provisions of this act shall be effective for qualified donations made during taxable years beginning on or after January 1, 2002.