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1999 SESSION

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HB 1752 Tax credits; preservation of land.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Tax credits; preservation of land. Provides an income tax credit for individuals and corporations donating land for preservation purposes. The tax credit is 50 percent of the fair market value of the land transferred, not to exceed $50,000 in FY 2000, $75,000 in FY 2001, $100,000 in FY 2002. The credit may only be used to offset taxes owed, but it may be carried forward for a period of five years. If this credit is taken, the taxpayers shall not be allowed to take a subtraction, for three years following the year the credit is taken, for the gain on the sale of land or easements dedicated to open-space use. The measure is effective January 1, 2000, unless any one of the car tax triggers occurs before that date in which case the act will be effective January 1 in the year after the year none of the car tax triggers occurs.


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