SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2008 SESSION

  • | print version

HB 1283 Land preservation tax credit; elimination of verification of conservation value.

Introduced by: Clifford L. Athey, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Land preservation tax credit; elimination of verification of conservation value.  Eliminates Department of Conservation and Recreation verification of conservation value of land donations that will result in $1 million or more in land preservation tax credits. Currently, as a condition of the issuance of a land preservation tax credit, the Department must verify the conservation value of donations that will result in $1 million or more in tax credits.

The bill also would establish a review and administrative appeal process in which proposed conveyances of donations would be reviewed by the Department of Taxation for purposes of determining whether the proposed donation would qualify for a land preservation tax credit. The review process would eliminate the current requirement that the taxpayer execute or record the land donation prior to applying for a land preservation tax credit.


FULL TEXT

HISTORY