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2006 SESSION

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HB 450 Income tax, state; land preservation tax credit.

Introduced by: R. Lee Ware, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Income tax; land preservation tax credits.  Removes the $100,000 annual credit limit that a taxpayer may take for qualified donations of conservation easements and requires the filing of a statement for less-than-fee interest donations that describes how such interest meets the requirements of IRC § 170(h). It also adds as qualified donations easements on historic buildings or a complex of historic buildings or a portion of such buildings if the building is listed on the Virginia Landmarks Register, provided there are restrictions on the exterior surfaces of the building or complex of buildings. A fee of 1% of the value of the donated interest, or $5,000, whichever is less, is imposed on any taxpayer who transfers unused tax credits.  It also allows the tax credits to pass at the death of the taxpayer to his estate and allows the estate to transfer unused tax credits.


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