Land preservation tax credit; conveyance for public parks or public recreational facilities. (SB838)
Introduced By
Sen. Patsy Ticer (D-Alexandria) with support from co-patron Del. Joe Bouchard (D-Virginia Beach)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
√ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Land preservation tax credit; conveyance for public parks or public recreational facilities. Provides that the land preservation tax credit would equal 60 percent of the fair market value of any land that is donated to a state or local governmental entity for the purpose of a public park or public recreational facility. The 60 percent tax credit would apply only if (i) the responsible authorities of a park authority or local park agency or the Department of Conservation and Recreation execute a written document stating its acceptance of the donation, and (ii) the conveyance is in accordance with the current comprehensive plans of the counties or cities in which the donated land is located. All other donations under the land preservation tax credit would not be affected by the bill and would be eligible for a 40 percent tax credit as provided under current law. Amends § 58.1-511 (“Definitions.”), § 58.1-512 (“Land preservation tax credits for individuals and corporations.”), of the Code of Virginia. View Full Text »
