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2005 SESSION

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SB 1139 Income tax, state and corporate; limits land preservation tax credits.

Introduced by: Emmett W. Hanger, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Land preservation tax credit.  Requires the fair market value of qualified donations under the Virginia Land Conservation Incentives Act of 1999 to be substantiated by a qualified appraisal, which must be signed by a qualified appraiser. A copy of the appraisal must be submitted to the Department of Taxation. A false or fraudulent appraisal may lead to revocation of the appraiser's license or other disciplinary action, and the future appraisals by the same appraiser may be disallowed.

SUMMARY AS PASSED SENATE:

Land preservation tax credit.  Provides an aggregate limit of $600,000 in tax credit for each parcel of land donated under the Virginia Land Conservation Incentives Act of 1999, which includes the sale of unused credits. The bill applies to conveyances made on or after July 1, 2005.

SUMMARY AS INTRODUCED:

Land preservation tax credit.  Provides an aggregate limit of $600,000 in tax credit for each parcel of land donated under the Virginia Land Conservation Incentives Act of 1999. The bill also caps the amount of unused tax credit that may be transferred by the land donor to the maximum amount of credit that may be taken by such person. The bill does not apply to certain conveyances of property with a state or global rare ecosystem ranking as determined by the Virginia Division of Natural Heritage. The bill applies to conveyances made on or after January 1, 2005.