Land preservation tax credit; limits maximum amount that any taxpayer may receive. (HB1820)

Introduced By

Del. Lee Ware (R-Powhatan)

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

Bill Has Passed

History

DateAction
01/11/2011Committee
01/11/2011Prefiled and ordered printed; offered 01/12/11 11102387D
01/11/2011Referred to Committee on Finance
01/17/2011Assigned Finance sub: #3
01/20/2011Impact statement from TAX (HB1820)
01/21/2011Subcommittee recommends reporting (5-Y 0-N)
02/02/2011Reported from Finance with substitute (21-Y 0-N) (see vote tally)
02/02/2011Committee substitute printed 11104508D-H1
02/02/2011Incorporates HB1445
02/04/2011Read first time
02/07/2011Read second time
02/07/2011Committee substitute agreed to 11104508D-H1
02/07/2011Engrossed by House - committee substitute HB1820H1
02/08/2011Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/08/2011VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/09/2011Constitutional reading dispensed
02/09/2011Referred to Committee on Finance
02/11/2011Impact statement from TAX (HB1820H1)
02/15/2011Reported from Finance with substitute (14-Y 0-N) (see vote tally)
02/15/2011Committee substitute printed 11105317D-S1
02/16/2011Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/16/2011Read third time
02/16/2011Reading of substitute waived
02/16/2011Committee substitute agreed to 11105317D-S1
02/16/2011Engrossed by Senate - committee substitute HB1820S1
02/16/2011Passed Senate with substitute (38-Y 0-N) (see vote tally)
02/16/2011Reconsideration of Senate passage agreed to by Senate (40-Y 0-N) (see vote tally)
02/16/2011Passed Senate with substitute (40-Y 0-N) (see vote tally)
02/16/2011Placed on Calendar
02/16/2011Senate substitute agreed to by House 11105317D-S1 (85-Y 0-N)
02/16/2011VOTE: ADOPTION (85-Y 0-N) (see vote tally)
02/22/2011Enrolled
02/22/2011Bill text as passed House and Senate (HB1820ER)
02/22/2011Impact statement from TAX (HB1820ER)
02/22/2011Signed by Speaker
02/23/2011Signed by President
03/16/2011G Approved by Governor-Chapter 212 (effective 7/1/11)
03/16/2011G Acts of Assembly Chapter text (CHAP0212)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 3 minutes.