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2011 SESSION

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HB 1820 Land preservation tax credit; limits maximum amount that any taxpayer may receive.

Introduced by: R. Lee Ware, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Land preservation tax credits.  Provides that the maximum amount of credits that may be issued in any calendar year by the Department of Taxation shall be $100 million plus any previously issued credits that have been disallowed or invalidated by the Department. The bill also allows the Tax Commissioner to have a second appraisal conducted on property for which an application for the credit has been made if he provides written notice to the donor within 30 days of the application being filed, and requires that the Tax Commissioner make a final determination within 180 days of such notice. This bill incorporates HB 1445.

SUMMARY AS PASSED HOUSE:

Land preservation tax credits.  Makes several changes to the land preservation tax credit including allowing the Tax Commissioner for good cause to request a second appraisal of any donation of property, and providing that the maximum amount of credits that may be issued in any calendar year by the Department of Taxation would be $100 million plus any credits that have been disallowed or invalidated by the Department.

If the fair market value of the donation indicated by a second appraisal is (i) at least 85 percent but not more than 115 percent of the fair market value indicated by the first appraisal submitted by the donor, the Department would issue the tax credits using the fair market value in the first appraisal, (ii) less than 85 percent of the fair market value indicated by the first appraisal, the Department would issue tax credits using the fair market value in the second appraisal, and (iii) more than 115 percent of the fair market value indicated by the first appraisal, the Department would issue tax credits based upon an average of the fair market value indicated by each appraisal.  Incorporates HB 1445.

SUMMARY AS INTRODUCED:

Land preservation tax credits.  Makes several changes to the land preservation tax credit including allowing a transfer from the estate of a deceased taxpayer, allowing the Tax Commissioner for good cause to request a second appraisal of any donation of property, and providing that the maximum amount of credits that may be issued in any calendar year by the Department of Taxation would be $100 million plus any credits that have been disallowed or invalidated by the Department.

If the fair market value of the donation indicated by a second appraisal is (i) at least 85 percent but not more than 115 percent of the fair market value indicated by the first appraisal submitted by the donor, the Department would issue the tax credits using the fair market value in the first appraisal, (ii) less than 85 percent of the fair market value indicated by the first appraisal, the Department would issue tax credits using the fair market value in the second appraisal, and (iii) more than 115 percent of the fair market value indicated by the first appraisal, the Department would issue tax credits based upon an average of the fair market value indicated by each appraisal.