Estate tax, and land preservation tax credit; changes in provisions therefor, report. (HB5019)
Introduced By
Del. Vince Callahan (R-McLean) with support from 27 copatrons, whose average partisan position is:
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Taxes of the Commonwealth. The bill eliminates the Commonwealth's estate tax for estates of persons who die on or after July 1, 2007. The bill also makes several changes to the land preservation tax credit, including limiting the amount of tax credits that can be issued in each calendar year to $50 million in calendar year 2007 and $75 million per year beginning with calendar year 2008 and thereafter, and requiring the Department of Conservation and Recreation to register tax credits for purposes of implementation of the calendar year limitation. Effective January 1, 2007, the bill would reduce the tax credit from 50% of the fair market value of the donated land to (i) 40% of the fair market value of the donated land for any land located in the Chesapeake Bay watershed or the seaside of Northampton or Accomack Counties, and (ii) 40% of the fair market value of the donated land, but not to exceed $750,000, for any land located elsewhere in Virginia. The bill also would allow only persons making a qualified donation of land to transfer the related tax credit; however, nonprofits would not be allowed to transfer the tax credit. The bill contains several other provisions relating to the land preservation tax credit. Amends § 58.1-512 (“Land preservation tax credits for individuals and corporations.”), § 58.1-512.1 (“Determination of fair market value of donation.”), § 58.1-513 (“Limitations; transfer of credit; gain or loss from tax credit.”), § 58.1-901 (“Definitions.”), of the Code of Virginia. View Full Text »
Status
08/28/2006: enacted
View Bill's History
