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2017 SESSION

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HB 1470 Land preservation tax credits; limitations.

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

SUMMARY AS INTRODUCED:

Land preservation tax credits; limitations. Imposes a $2 million limit on the amount of credits that may be claimed for each land conveyance and a $20,000 limit on the annual amount of credits that may be claimed by each taxpayer. The bill establishes a $50,000 cap on the annual amount of credits that may be claimed for a fee simple donation of land to the Commonwealth. The bill provides that the maximum annual amount of credits that may be issued to all taxpayers shall not exceed $50 million. The bill increases the fee imposed upon any transfer arising from the sale of land preservation tax credits by any taxpayer from two to 2.5 percent of the value of the donated interest.


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