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2015 SESSION

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HB 1828 Land preservation; tax credit.

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

SUMMARY AS PASSED: (all summaries)

Land preservation tax credit. Makes several changes to the land preservation tax credit by (i) reducing the maximum amount of tax credits that may be issued in each calendar year from $100 million to $75 million beginning in 2015; (ii) with the exception of credits issued for fee simple interest donations, reducing the maximum amount of the land preservation tax credit that may be claimed in any year from $100,000 in taxable year 2014 to $20,000 in taxable years 2015 and 2016 and $50,000 for each taxable year thereafter; (iii) requiring that a complete application for the tax credit with regard to a conveyance be filed with the Department of Taxation by December 31 of the year following the calendar year of the conveyance; and (iv) prohibiting the Department of Taxation from issuing any tax credit for a donation from any allocation or pool of tax credits attributable to a calendar year prior to the year in which the complete tax credit application for the donation was filed. This bill is identical to SB 1019.


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