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1999 SESSION

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SB 1218 Tax credits; preservation of land.

Introduced by: Emmett W. Hanger, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Tax credits; preservation of land. Provides an income tax credit for individuals and corporations donating land for preservation and sustainability purposes. The tax credit is 50 percent of the “fair market value” of the land transferred, not to exceed $50,000 in 2000 taxable years, $75,000 in 2001 taxable years and $100,000 in 2002 taxable years and taxable years thereafter. In addition, the credit may only be used to offset taxes owed, but it may be carried forward for a period of five years. To the extent a credit is taken, no subtraction for the gain on the sale of land or an easement dedicated to open-space use under subsection C of § 58.1-322 shall be allowed for three years after the credit is taken.


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