Land preservation tax credits; changes to procedures. (SB1232)

Introduced By

Sen. Creigh Deeds (D-Bath)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Passed


01/12/2011Prefiled and ordered printed; offered 01/12/11 11103907D
01/12/2011Referred to Committee on Finance
01/25/2011Impact statement from TAX (SB1232)
02/02/2011Reported from Finance with substitute (14-Y 0-N) (see vote tally)
02/02/2011Committee substitute printed 11104918D-S1
02/03/2011Incorporates SB1087
02/03/2011Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/04/2011Read second time
02/04/2011Reading of substitute waived
02/04/2011Committee substitute agreed to 11104918D-S1
02/04/2011Engrossed by Senate - committee substitute SB1232S1
02/07/2011Read third time and passed Senate (39-Y 0-N) (see vote tally)
02/07/2011Reconsideration of passage agreed to by Senate (40-Y 0-N) (see vote tally)
02/07/2011Passed Senate (40-Y 0-N) (see vote tally)
02/09/2011Placed on Calendar
02/09/2011Read first time
02/09/2011Referred to Committee on Finance
02/10/2011Assigned Finance sub: #3
02/10/2011Impact statement from TAX (SB1232S1)
02/14/2011Reported from Finance with substitute (22-Y 0-N) (see vote tally)
02/14/2011Committee substitute printed 11105323D-H1
02/15/2011Read second time
02/16/2011Read third time
02/16/2011Committee substitute agreed to 11105323D-H1
02/16/2011Engrossed by House - committee substitute SB1232H1
02/16/2011Passed House with substitute BLOCK VOTE (97-Y 0-N)
02/16/2011VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
02/18/2011House substitute agreed to by Senate (40-Y 0-N) (see vote tally)
02/18/2011Title replaced 11105323D-H1
02/24/2011Bill text as passed Senate and House (SB1232ER)
02/24/2011Signed by Speaker
02/24/2011Signed by President
03/18/2011G Approved by Governor-Chapter 296 (effective 7/1/11)
03/18/2011G Acts of Assembly Chapter text (CHAP0296)


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 1 minute.


R. T. Greenwood writes:

This bill is useless garbage.