Income tax, state; land preservation tax credit. (HB450)
Introduced By
Del. Lee Ware (R-Powhatan) with support from 34 copatrons, whose average partisan position is:
Those copatrons are Del. Watkins Abbitt (I-Appomattox), Del. Dave Albo (R-Springfield), Del. Clay Athey (R-Front Royal), Del. William Barlow (D-Smithfield), Del. Rob Bell (R-Charlottesville), Del. Kathy Byron (R-Lynchburg), Del. Ben Cline (R-Amherst), Del. Kirk Cox (R-Colonial Heights), Del. Anne Crockett-Stark (R-Wytheville), Del. Allen Dudley (R-Rocky Mount), Del. Al Eisenberg (D-Arlington), Del. Todd Gilbert (R-Woodstock), Del. Frank Hall (D-Richmond), Del. Bill Howell (R-Fredericksburg), Del. Tim Hugo (R-Centreville), Del. Bob Hull (D-Falls Church), Del. Joseph Johnson (D-Abingdon), Del. Terry Kilgore (R-Gate City), Del. Steve Landes (R-Weyers Cave), Del. Scott Lingamfelter (R-Woodbridge), Del. Matt Lohr (R-Harrisonburg), Del. Bob Marshall (R-Manassas), Del. Danny Marshall (R-Danville), Del. Brian Moran (D-Alexandria), Del. Harvey Morgan (R-Gloucester), Del. Dave Nutter (R-Christiansburg), Del. David Poisson (D-Sterling), Del. Jim Shuler (D-Blacksburg), Del. Mark Sickles (D-Alexandria), Del. David Toscano (D-Charlottesville), Del. Shannon Valentine (D-Lynchburg), Del. Rob Wittman (R-Montross), Sen. John Cosgrove (R-Chesapeake), Sen. Jennifer McClellan (D-Richmond)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax; land preservation tax credits. Removes the $100,000 annual credit limit that a taxpayer may take for qualified donations of conservation easements and requires the filing of a statement for less-than-fee interest donations that describes how such interest meets the requirements of IRC 170(h). It also adds as qualified donations easements on historic buildings or a complex of historic buildings or a portion of such buildings if the building is listed on the Virginia Landmarks Register, provided there are restrictions on the exterior surfaces of the building or complex of buildings. A fee of 1% of the value of the donated interest, or $5,000, whichever is less, is imposed on any taxpayer who transfers unused tax credits. It also allows the tax credits to pass at the death of the taxpayer to his estate and allows the estate to transfer unused tax credits. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/09/2006 | Prefiled and ordered printed; offered 01/11/06 067346540 |
| 01/09/2006 | Referred to Committee on Finance |
| 01/18/2006 | Assigned to Finance sub-committee: #3 (Ware, R.L.) |
| 01/30/2006 | Fiscal impact statement from TAX (HB450) |
| 02/13/2006 | Reported from Finance with substitute (22-Y 0-N) |
| 02/13/2006 | Committee substitute printed 067375540-H1 |
| 02/14/2006 | Read first time |
| 02/15/2006 | Read second time |
| 02/15/2006 | Committee substitute agreed to 067375540-H1 |
| 02/15/2006 | Passed by for the day |
| 02/16/2006 | Read second time |
| 02/16/2006 | Engrossed by House - committee substitute HB450H1 |
| 02/17/2006 | Read third time and passed House BLOCK VOTE (97-Y 0-N) |
| 02/17/2006 | VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) |
| 02/17/2006 | Communicated to Senate |
| 02/20/2006 | Constitutional reading dispensed |
| 02/20/2006 | Referred to Committee on Finance |
| 02/24/2006 | Fiscal impact statement from TAX (HB450H1) |
| 02/28/2006 | Reported from Finance with substitute (15-Y 0-N) |
| 02/28/2006 | Committee substitute printed 069240712-S1 |
| 03/01/2006 | Constitutional reading dispensed (39-Y 0-N) |
| 03/01/2006 | VOTE: (39-Y 0-N) |
| 03/01/2006 | Read third time |
| 03/01/2006 | Reading of substitute waived |
| 03/01/2006 | Committee substitute agreed to 069240712-S1 |
| 03/01/2006 | Engrossed by Senate - committee substitute HB450S1 |
| 03/01/2006 | Passed Senate with substitute (26-Y 10-N 2-A) |
| 03/01/2006 | VOTE: (26-Y 10-N 2-A) |
| 03/01/2006 | Senate substitute rejected by House (1-Y 96-N) |
| 03/01/2006 | VOTE: REJECTED (1-Y 96-N) |
| 03/01/2006 | Senate insisted on substitute (37-Y 2-N) |
| 03/01/2006 | VOTE: (37-Y 2-N) |
| 03/01/2006 | Senate requested conference committee |
| 03/01/2006 | House acceded to request |
| 03/01/2006 | Conferees appointed by House |
| 03/01/2006 | Delegates: Ware, R.L., Cline, Watts |
| 03/01/2006 | Conferees appointed by Senate |
| 03/01/2006 | Senators: Watkins, Hanger, Howell |
| 03/11/2006 | No further action taken |
| 03/11/2006 | Failed to pass in House |