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. Read the Bill »
Status
02/02/2011: Failed to Pass in Committee
History
Date | Action |
---|---|
01/11/2011 | Prefiled and ordered printed; offered 01/12/11 11103639D |
01/11/2011 | Referred to Committee on Finance |
01/25/2011 | Impact statement from TAX (SB1088) |
02/02/2011 | Passed by indefinitely in Finance (14-Y 0-N) (see vote tally) |