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2013 SESSION

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HB 1398 Land preservation tax credits; Budget Bill to include an appropriation for land preservation, etc.

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

SUMMARY AS PASSED: (all summaries)

Land preservation tax credit; unissued tax credits. Provides that, beginning with calendar year 2013, the maximum amount of land preservation tax credits that shall be issued to taxpayers shall be $100 million. However, the $100 million shall continue to be annually indexed, as is done under current law. The Governor would be required to include in the Budget Bill or in his amendments to the general appropriation act a recommended appropriation from the general fund in an amount equal to the difference between the indexed amount and $100 million to be appropriated as follows: 80 percent of the unissued credits to the Virginia Land Conservation Fund, of which at least 50 percent must be used for acquisitions with public access; 10 percent to the Civil War Site Preservation Fund; and 10 percent to the Virginia Farmland Preservation Fund.


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