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2002 SESSION

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HB 1322 Income tax; land preservation tax credit.

Introduced by: William J. Howell | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Income tax; land preservation tax credit. Allows a taxpayer entitled to a land preservation tax credit to transfer such credit to any other taxpayer. The bill also allows the taxpayer a subtraction for any gain or income recognized when calculating Virginia taxable income.

SUMMARY AS PASSED HOUSE:

Income tax; land preservation tax credit. Allows a taxpayer entitled to a land preservation tax credit to transfer such credit to any other taxpayer. The bill also allows the taxpayer a subtraction for any gain or income recognized when calculating Virginia taxable income.

SUMMARY AS INTRODUCED:

Income tax; land preservation tax credit. Allows a taxpayer entitled to a land preservation tax credit to transfer such credit to any other taxpayer. In addition, the tax credit shall not be applied against the tax liability of the taxpayer earlier than January 15 of the second consecutive year following the year in which the property giving rise to the credit is donated. From the time claimed as a credit on the taxpayer's tax return until applied to reduce or eliminate such taxpayer's tax liability, the credit shall be treated as a deposit against the taxpayer's tax liability for the year the credit is claimed. The Commonwealth shall not (i) impose interest on the taxpayer's tax liability, nor (ii) pay interest on the deposit during the period that the credit is treated as a deposit against such taxpayer's liability. Finally, 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.