c Richmond Sunlight » 2011 » Land preservation tax credits; changes to procedures. (SB1232)

Land preservation tax credits; changes to procedures. (SB1232)

Introduced By

Sen. Creigh Deeds (D-Bath)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Land preservation tax credits; changes to procedures. Requires the use of a licensed transfer agent to transfer a land preservation tax credit to a taxpayer who is not an individual. Transfer agents would be licensed by the Department of Taxation. The bill provides licensing requirements for transfer agents. The bill allows the Tax Commissioner to revoke or suspend the license of, or impose a monetary penalty upon, any transfer agent who repeatedly transfers land preservation tax credits that are subsequently disallowed in whole or in part by the Department.

The bill also allows the Tax Commissioner to require a second appraisal from a different appraiser to substantiate the fair market value of any donation of land. If the fair market value of the donation indicated by the second appraisal is less than 85 percent of the fair market value indicated by the first appraisal submitted by the donor, the Department may issue tax credits in accordance with the second appraisal. Amends § 58.1-512, § 58.1-513, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

  • 01/12/2011 Prefiled and ordered printed; offered 01/12/11 11103907D
  • 01/12/2011 Referred to Committee on Finance
  • 01/25/2011 Impact statement from TAX (SB1232)
  • 02/02/2011 Reported from Finance with substitute (14-Y 0-N) (see vote tally)
  • 02/02/2011 Committee substitute printed 11104918D-S1
  • 02/03/2011 Incorporates SB1087
  • 02/03/2011 Constitutional reading dispensed (40-Y 0-N) (see vote tally)
  • 02/04/2011 Read second time
  • 02/04/2011 Reading of substitute waived
  • 02/04/2011 Committee substitute agreed to 11104918D-S1
  • 02/04/2011 Engrossed by Senate - committee substitute SB1232S1
  • 02/07/2011 Read third time and passed Senate (39-Y 0-N) (see vote tally)
  • 02/07/2011 Reconsideration of passage agreed to by Senate (40-Y 0-N) (see vote tally)
  • 02/07/2011 Passed Senate (40-Y 0-N) (see vote tally)
  • 02/09/2011 Placed on Calendar
  • 02/09/2011 Read first time
  • 02/09/2011 Referred to Committee on Finance
  • 02/10/2011 Assigned Finance sub: #3
  • 02/10/2011 Impact statement from TAX (SB1232S1)
  • 02/14/2011 Reported from Finance with substitute (22-Y 0-N) (see vote tally)
  • 02/14/2011 Committee substitute printed 11105323D-H1
  • 02/15/2011 Read second time
  • 02/16/2011 Read third time
  • 02/16/2011 Committee substitute agreed to 11105323D-H1
  • 02/16/2011 Engrossed by House - committee substitute SB1232H1
  • 02/16/2011 Passed House with substitute BLOCK VOTE (97-Y 0-N)
  • 02/16/2011 VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
  • 02/18/2011 House substitute agreed to by Senate (40-Y 0-N) (see vote tally)
  • 02/18/2011 Title replaced 11105323D-H1
  • 02/24/2011 Enrolled
  • 02/24/2011 Bill text as passed Senate and House (SB1232ER)
  • 02/24/2011 Signed by Speaker
  • 02/24/2011 Signed by President
  • 03/18/2011 G Approved by Governor-Chapter 296 (effective 7/1/11)
  • 03/18/2011 G Acts of Assembly Chapter text (CHAP0296)

Comments

R. T. Greenwood writes:

This bill is useless garbage.