SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1999 SESSION
HB 1739 Historic rehabilitation tax credit.
Introduced by: Jay Katzen | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
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.
SUMMARY AS INTRODUCED:
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.