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2010 SESSION

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SB 341 Land preservation tax credit; DCR to provide estimate of land used for production agriculture, etc.

Introduced by: Emmett W. Hanger, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Land preservation tax credit; tax credit percentage. Requires the Department of Conservation and Recreation, when preparing its annual report, to consult with the Department of Taxation and the Department of Forestry and Department of Agriculture and Consumer Services to provide an estimate of the number of acres of land currently being used for "production agriculture and silviculture" that have been protected by qualified donations of less-than fee interests.  The bill also requires that the report include information, when available, on land qualifying for credits being used for "production agriculture and silviculture" that have onsite operational best management practices, which are designed to reduce the amount of nutrients and sediment entering public waters.

SUMMARY AS PASSED SENATE:

Land preservation tax credit; tax credit percentage. Requires the Department of Conservation & Recreation, when preparing its annual report, to consult with the Department of Taxation and the Departments of Forestry and Agriculture & Consumer Services to provide an estimate of the number of acres of land currently being used for "production agriculture and silviculture" that have been protected by qualified donations of less-than fee interests.

SUMMARY AS INTRODUCED:

Land preservation tax credit; tax credit percentage.  Increases the tax credit percentage for the land preservation tax credit from 40 percent to 50 percent of the fair market value of the land or interest in land conveyed. The bill would be effective for land donations made on or after January 1, 2010.