SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

  • | print version

HB 1739 Historic rehabilitation tax credit.

Introduced by: Jay Katzen | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Historic rehabilitation tax credit. Allows partners and S corporation shareholders to allocate historic rehabilitation tax credits among themselves either in proportion to their ownership interest in their partnership or corporation, or as they mutually agree. This provision is effective retroactive to January 1, 1997. The measure also adds language, stated to be declaratory of existing law, providing that the regulations promulgated by the Director of the Department of Historic Resources for this tax credit program shall establish the extent to which this tax credit is co-extensive with the federal historic rehabilitation tax credit. The Director is authorized to allow taxpayers to make a one-time transfer of credits earned with respect to projects prior to final publication of program regulations.


FULL TEXT

HISTORY