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2013 SESSION

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HB 1398 Land preservation tax credits; Budget Bill to include an appropriation for land preservation, etc.

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

SUMMARY AS PASSED:

Land preservation tax credit; unissued tax credits. Provides that, beginning with calendar year 2013, the maximum amount of land preservation tax credits that shall be issued to taxpayers shall be $100 million. However, the $100 million shall continue to be annually indexed, as is done under current law. The Governor would be required to include in the Budget Bill or in his amendments to the general appropriation act a recommended appropriation from the general fund in an amount equal to the difference between the indexed amount and $100 million to be appropriated as follows: 80 percent of the unissued credits to the Virginia Land Conservation Fund, of which at least 50 percent must be used for acquisitions with public access; 10 percent to the Civil War Site Preservation Fund; and 10 percent to the Virginia Farmland Preservation Fund.

SUMMARY AS PASSED HOUSE:

Land preservation tax credit; unissued tax credits. Provides that, beginning with calendar year 2012, if the maximum amount of land preservation tax credits have not been issued by the Department of Taxation for the calendar year by May 1 of the following year, then the Department of Taxation shall certify to the Governor by July 15 the difference between the amount of credits issued and the maximum amount of credits allowed for the year. In that same year of the written certification, the bill would require the Governor to include in the Budget Bill or in his amendments to the general appropriation act a recommended appropriation from the general fund in an amount equal to the difference certified to him to be appropriated as follows: 80 percent of the unissued credits to the Virginia Land Conservation Fund, 10 percent to the Civil War Site Preservation Fund, and 10 percent to the Virginia Farmland Preservation Fund.

SUMMARY AS INTRODUCED:

Land preservation tax credit; unissued tax credits. Provides that, beginning with calendar year 2013, if the maximum amount of land preservation tax credits have not been issued by the Department of Taxation for the calendar year, then the Comptroller would distribute from the general fund an amount equal to 80 percent of the unissued credits to the Virginia Land Conservation Fund, an amount equal to 10 percent to the Civil War Site Preservation Fund, and an amount equal to 10 percent to the Virginia Farmland Preservation Fund. For purposes of the distributions, the Department would provide a written certificate of the amount of the unissued tax credits to the Comptroller by March 15 of the following calendar year, and the Comptroller would make the distributions within 60 days of receiving the certificate.