Land preservation tax credits; changes to procedures. (SB1232)
Introduced By
Sen. Creigh Deeds (D-Charlottesville)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Land preservation tax credits; changes to procedures. Requires the use of a licensed transfer agent to transfer a land preservation tax credit to a taxpayer who is not an individual. Transfer agents would be licensed by the Department of Taxation. The bill provides licensing requirements for transfer agents. The bill allows the Tax Commissioner to revoke or suspend the license of, or impose a monetary penalty upon, any transfer agent who repeatedly transfers land preservation tax credits that are subsequently disallowed in whole or in part by the Department.
The bill also allows the Tax Commissioner to require a second appraisal from a different appraiser to substantiate the fair market value of any donation of land. If the fair market value of the donation indicated by the second appraisal is less than 85 percent of the fair market value indicated by the first appraisal submitted by the donor, the Department may issue tax credits in accordance with the second appraisal. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/12/2011 | Prefiled and ordered printed; offered 01/12/11 11103907D |
| 01/12/2011 | Referred to Committee on Finance |
| 01/25/2011 | Impact statement from TAX (SB1232) |
| 02/02/2011 | Reported from Finance with substitute (14-Y 0-N) (see vote tally) |
| 02/02/2011 | Committee substitute printed 11104918D-S1 |
| 02/03/2011 | Incorporates SB1087 |
| 02/03/2011 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 02/04/2011 | Read second time |
| 02/04/2011 | Reading of substitute waived |
| 02/04/2011 | Committee substitute agreed to 11104918D-S1 |
| 02/04/2011 | Engrossed by Senate - committee substitute SB1232S1 |
| 02/07/2011 | Read third time and passed Senate (39-Y 0-N) (see vote tally) |
| 02/07/2011 | Reconsideration of passage agreed to by Senate (40-Y 0-N) (see vote tally) |
| 02/07/2011 | Passed Senate (40-Y 0-N) (see vote tally) |
| 02/09/2011 | Placed on Calendar |
| 02/09/2011 | Read first time |
| 02/09/2011 | Referred to Committee on Finance |
| 02/10/2011 | Assigned Finance sub: #3 |
| 02/10/2011 | Impact statement from TAX (SB1232S1) |
| 02/14/2011 | Reported from Finance with substitute (22-Y 0-N) (see vote tally) |
| 02/14/2011 | Committee substitute printed 11105323D-H1 |
| 02/15/2011 | Read second time |
| 02/16/2011 | Read third time |
| 02/16/2011 | Committee substitute agreed to 11105323D-H1 |
| 02/16/2011 | Engrossed by House - committee substitute SB1232H1 |
| 02/16/2011 | Passed House with substitute BLOCK VOTE (97-Y 0-N) |
| 02/16/2011 | VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally) |
| 02/18/2011 | House substitute agreed to by Senate (40-Y 0-N) (see vote tally) |
| 02/18/2011 | Title replaced 11105323D-H1 |
| 02/24/2011 | Enrolled |
| 02/24/2011 | Bill text as passed Senate and House (SB1232ER) |
| 02/24/2011 | Signed by Speaker |
| 02/24/2011 | Signed by President |
| 03/18/2011 | G Approved by Governor-Chapter 296 (effective 7/1/11) |
| 03/18/2011 | G Acts of Assembly Chapter text (CHAP0296) |
Comments
This bill is useless garbage.