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2017 SESSION

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SB 1286 Land preservation tax credits; withholding tax of nonresident owners.

Introduced by: Mark D. Obenshain | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Land preservation tax credits; withholding tax of nonresident owners. Provides that the two percent transfer fee for land preservation tax credits shall not apply to a distribution of credits to a nonresident owner of a pass-through entity when such credits are applied by the pass-through entity to the withholding tax of the nonresident owner.

SUMMARY AS INTRODUCED:

Land preservation tax credits; withholding tax of nonresident owners. Allows a pass-through entity to claim a land preservation tax credit against the taxes withheld on the Virginia source income of a nonresident owner of the entity. The use of such credit against the withholding tax by the pass-through entity would not be subject to the two percent transfer fee.