SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2015 SESSION

  • | print version

HB 1326 Income tax credit; donations to nonprofits preserving historical battlefields.

Introduced by: James A. "Jay" Leftwich | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax credit; donations to nonprofits preserving historical battlefields. Establishes beginning January 1, 2015, an individual and corporate income tax credit for monetary or marketable securities donations made by a person to a nonprofit organization organized to acquire and preserve a historical battlefield in the Commonwealth and related artifacts. The credit would equal 35 percent of the value of the donation. The Department of Historic Resources would administer the credit and would be authorized to issue up to $1.5 million in such tax credits each fiscal year. Any person issued a tax credit would be allowed to claim up to $15,000 in such credit for the taxable year but not to exceed the amount of Virginia income tax imposed upon the person. Any unused credit could be carried forward for five taxable years. The tax credit program would expire on January 1, 2020.


FULL TEXT

HISTORY