Land preservation tax credit; establishes process where properties are registered with Dept. of Tax. (SB744)

Introduced By

Sen. Emmett Hanger (R-Mount Solon)

Progress

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

Description

Land preservation tax credit. Establishes a process by which properties are to be registered with the Department of Taxation prior to any tax credit being allowed for a donation. The registration process requires a written certification by a licensed reviewer certifying that the property, or interest therein, is in compliance with pre-registration standards established by the Department. The pre-registration standards would include standards for the public benefit derived from the donation and standards for the use of the property by the donee. The Department would be authorized to license qualified applicants to perform the review for certification. The Department would be allowed to levy and collect fees for licensure to cover the direct expenses for the administration of the registration program. The Department would be required to implement a limited appeals process by which prospective credit claimants could seek to register with the Department notwithstanding the lack of a written certification from a licensed reviewer. Amends § 58.1-512, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/18/2008Presented and ordered printed 088897232
01/18/2008Referred to Committee on Finance
01/22/2008Impact statement from TAX (SB744)
01/23/2008Continued to 2009 in Finance (16-Y 0-N) (see vote tally)
02/18/2008Committee substitute printed 082957232-S1