Land preservation tax credit; application for credits prior to any donation. (HB908)
Introduced By
Del. Randy Minchew (R-Leesburg) with support from co-patron Del. Michael Webert (R-Marshall)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Land preservation tax credit; application for credits prior to any donation. Provides that beginning January 1, 2013, a donor would be given the option to apply to the Department of Taxation for land preservation tax credits prior to making any donation of land. The Tax Commissioner, in general, would be required to provide such donors with a determination letter conditionally allowing the land preservation tax credits, in whole or in part, or denying the application for tax credit within 120 days of a complete application. After the Tax Commissioner's determination letter, the donor could complete the conveyance of the donation and in such case would provide the Department with certified copies of the recorded deeds and instruments conveying the donation. The Department then would provide the donor with a written certification issuing the tax credits that were previously conditionally allowed. If the Tax Commissioner issues land preservation tax credits to a donor who elected to apply for the credits prior to making any donation, the fair market value of the donation would thereafter not be subject to dispute, except upon a showing of fraud or the misrepresentation of a material fact. Amends § 58.1-512, of the Code of Virginia. View Full Text »
Outcome
History
- 01/11/2012 Prefiled and ordered printed; offered 01/11/12 12103663D
- 01/11/2012 Referred to Committee on Finance
- 01/20/2012 Assigned Finance sub: #3
- 01/26/2012 Impact statement from TAX (HB908)
- 01/27/2012 Subcommittee recommends continuing to 2013
- 01/30/2012 Continued to 2013 in Finance
- 11/29/2012 Left in Finance
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