SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

  • | print version

HB 2648 Historic courthouse preservation zone tax credits.

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

SUMMARY AS INTRODUCED:

Historic courthouse preservation zone tax credits. Establishes a tax credit for business firms conducting qualifying commercial uses within historic courthouse preservation zones. A locality may apply to the Department of Taxation for designation of the area within 1,000 feet of a circuit courthouse that was built prior to 1900 as a "historic courthouse preservation zone." A business within a zone is eligible for designation as a qualifying commercial use if the local government certifies that the business is located in a structure in the zone that satisfies the architectural standards for an Old and Historic District. The annual tax credit for any qualifying commercial use is the lesser of $20,000 or one third of its state tax liability. The tax credits are nonrefundable, but unused credits may be carried forward for up to 10 years. The credits are available for taxable years beginning on or after January 1, 2000, but before January 1, 2005.


FULL TEXT

HISTORY