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2010 SESSION

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HB 447 Income tax, state; remainder of revenues transferred to Land Conservation Fund for distribution.

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

SUMMARY AS PASSED HOUSE:

Income tax; land conservation tax credit fee limitations.  Removes the $10,000 cap on the 2 percent fee imposed on the transfer arising from the sale of land conservation tax credits and directs up to 50 percent of revenues be paid to the Department of Taxation and the Department of Conservation and Recreation first. The remaining revenues will be transferred to the Virginia Land Conservation Fund for distribution to the public or private conservation agencies responsible for enforcing the conservation purposes of the donated interest.

SUMMARY AS INTRODUCED:

Income tax; land conservation tax credit fee limitations.  Removes the $10,000 cap on the 2 percent fee imposed on the transfer arising from the sale of land conservation tax credits and directs the revenues be paid to the Department of Taxation and the Department of Conservation and Recreation first. The remaining revenues will be transferred to the public or private conservation agencies responsible for enforcing the conservation purposes of the donated interest.