Land preservation tax credit; limits maximum amount that any taxpayer may receive. (HB1820)
Introduced By
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Land preservation tax credits. Makes several changes to the land preservation tax credit including allowing a transfer from the estate of a deceased taxpayer, allowing the Tax Commissioner for good cause to request a second appraisal of any donation of property, and providing that the maximum amount of credits that may be issued in any calendar year by the Department of Taxation would be $100 million plus any credits that have been disallowed or invalidated by the Department.
If the fair market value of the donation indicated by a second appraisal is (i) at least 85 percent but not more than 115 percent of the fair market value indicated by the first appraisal submitted by the donor, the Department would issue the tax credits using the fair market value in the first appraisal, (ii) less than 85 percent of the fair market value indicated by the first appraisal, the Department would issue tax credits using the fair market value in the second appraisal, and (iii) more than 115 percent of the fair market value indicated by the first appraisal, the Department would issue tax credits based upon an average of the fair market value indicated by each appraisal. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/11/2011 | Committee |
01/11/2011 | Prefiled and ordered printed; offered 01/12/11 11102387D |
01/11/2011 | Referred to Committee on Finance |
01/17/2011 | Assigned Finance sub: #3 |
01/20/2011 | Impact statement from TAX (HB1820) |
01/21/2011 | Subcommittee recommends reporting (5-Y 0-N) |
02/02/2011 | Reported from Finance with substitute (21-Y 0-N) (see vote tally) |
02/02/2011 | Committee substitute printed 11104508D-H1 |
02/02/2011 | Incorporates HB1445 |
02/04/2011 | Read first time |
02/07/2011 | Read second time |
02/07/2011 | Committee substitute agreed to 11104508D-H1 |
02/07/2011 | Engrossed by House - committee substitute HB1820H1 |
02/08/2011 | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
02/08/2011 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
02/09/2011 | Constitutional reading dispensed |
02/09/2011 | Referred to Committee on Finance |
02/11/2011 | Impact statement from TAX (HB1820H1) |
02/15/2011 | Reported from Finance with substitute (14-Y 0-N) (see vote tally) |
02/15/2011 | Committee substitute printed 11105317D-S1 |
02/16/2011 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/16/2011 | Read third time |
02/16/2011 | Reading of substitute waived |
02/16/2011 | Committee substitute agreed to 11105317D-S1 |
02/16/2011 | Engrossed by Senate - committee substitute HB1820S1 |
02/16/2011 | Passed Senate with substitute (38-Y 0-N) (see vote tally) |
02/16/2011 | Reconsideration of Senate passage agreed to by Senate (40-Y 0-N) (see vote tally) |
02/16/2011 | Passed Senate with substitute (40-Y 0-N) (see vote tally) |
02/16/2011 | Placed on Calendar |
02/16/2011 | Senate substitute agreed to by House 11105317D-S1 (85-Y 0-N) |
02/16/2011 | VOTE: ADOPTION (85-Y 0-N) (see vote tally) |
02/22/2011 | Enrolled |
02/22/2011 | Bill text as passed House and Senate (HB1820ER) |
02/22/2011 | Impact statement from TAX (HB1820ER) |
02/22/2011 | Signed by Speaker |
02/23/2011 | Signed by President |
03/16/2011 | G Approved by Governor-Chapter 212 (effective 7/1/11) |
03/16/2011 | G Acts of Assembly Chapter text (CHAP0212) |