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2010 SESSION
SB 264 Income tax, state; remainder of revenues transferred to Land Conservation Fund for distribution.
Introduced by: Mary Margaret Whipple | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Land preservation tax credit; fee for transfer of credits. Changes the fee for the sale or distribution of land preservation tax credits to two percent of the value of the donated interest. Currently, the fee is two percent of the value of the donated interest, but not to exceed $10,000. Revenues generated by such fees first shall be used by the Department of Taxation and the Department of Conservation and Recreation for implementation of the Fund and any amount exceeding 50 percent of the total revenue generated by the fee on an annual basis shall be transferred to the Virginia Land Conservation Fund for distribution to the public or private conservation agencies or organizations that are responsible for enforcing the conservation and preservation purposes of the donated interests.
SUMMARY AS PASSED SENATE:
Land preservation tax credit; fee for transfer of credits. Changes the fee for the sale or distribution of land preservation tax credits to two percent of the value of the donated interest. Currently, the fee is two percent of the value of the donated interest, but not to exceed $10,000. Revenues generated by such fees first shall be used by the Department of Taxation and the Department of Conservation and Recreation for implementation of the Fund and any amount exceeding 50 percent of the total revenue generated by the fee on an annual basis shall be transferred to the Virginia Land Conservation Fund for distribution to the public or private conservation agencies or organizations that are responsible for enforcing the conservation and preservation purposes of the donated interests.
SUMMARY AS INTRODUCED:
Land preservation tax credit; fee for transfer of credits. Changes the fee for the sale or distribution of land preservation tax credits to two percent of the value of the donated interest. Currently, the fee is two percent of the value of the donated interest, but not to exceed $10,000.