Land preservation tax credits; refunded by the Tax Commissioner. (SB1088)

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 credits; refunded by the Tax Commissioner Allows a donor of land or any interest in land to request a refund of unused land preservation tax credits with the Tax Commissioner for 90 percent of the face value of the credits. The bill provides for the Comptroller to deposit an amount equal to 10 percent of the face value of the credits into a special nonreverting fund to be used to provide matching grants to local purchase of development rights programs.

The bill provides that a donor may be refunded no more than an aggregate of $100,000 in unused land preservation tax credits regardless of the number of property donations made. No person who has transferred a land preservation tax credit to another person or acquired a land preservation tax credit from another person would be eligible for a refund of such unused tax credits. Amends § 3.2-201, § 58.1-513, of the Code of Virginia. Read the Bill »

Status

02/02/2011: Failed to Pass in Committee

History

DateAction
01/11/2011Prefiled and ordered printed; offered 01/12/11 11103639D
01/11/2011Referred to Committee on Finance
01/25/2011Impact statement from TAX (SB1088)
02/02/2011Passed by indefinitely in Finance (14-Y 0-N) (see vote tally)