SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2006 SPECIAL SESSION I

  • | print version

HB 5019 Estate tax, and land preservation tax credit; changes in provisions therefor, report.

Introduced by: Vincent F. Callahan, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Taxes of the Commonwealth. The bill eliminates the Commonwealth's estate tax for estates of persons who die on or after July 1, 2007.

The bill also makes several changes to the land preservation tax credit, including limiting the amount of tax credits that can be issued in each calendar year to $50 million in calendar year 2007 and $75 million per year beginning with calendar year 2008 and thereafter, and requiring the Department of Conservation and Recreation to register tax credits for purposes of implementation of the calendar year limitation. Effective January 1, 2007, the bill would reduce the tax credit from 50% of the fair market value of the donated land to (i) 40% of the fair market value of the donated land for any land located in the Chesapeake Bay watershed or the seaside of Northampton or Accomack Counties, and (ii) 40% of the fair market value of the donated land, but not to exceed $750,000, for any land located elsewhere in Virginia. The bill also would allow only persons making a qualified donation of land to transfer the related tax credit; however, nonprofits would not be allowed to transfer the tax credit. The bill contains several other provisions relating to the land preservation tax credit.


FULL TEXT

AMENDMENTS

HISTORY