Income tax credit; donations to nonprofits preserving historical battlefields. (HB1326)

Introduced By

Del. Jay Leftwich (R-Chesapeake) with support from co-patron Del. Chris Peace (R-Mechanicsville)

Progress

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

Description

Income tax credit; donations to nonprofits preserving historical battlefields. Establishes beginning January 1, 2015, an individual and corporate income tax credit for monetary or marketable securities donations made by a person to a nonprofit organization organized to acquire and preserve a historical battlefield in the Commonwealth and related artifacts. The credit would equal 35 percent of the value of the donation. The Department of Historic Resources would administer the credit and would be authorized to issue up to $1.5 million in such tax credits each fiscal year. Any person issued a tax credit would be allowed to claim up to $15,000 in such credit for the taxable year but not to exceed the amount of Virginia income tax imposed upon the person. Any unused credit could be carried forward for five taxable years. The tax credit program would expire on January 1, 2020. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
11/20/2014Committee
11/20/2014Prefiled and ordered printed; offered 01/14/15 15100164D
11/20/2014Referred to Committee on Finance
01/18/2015Impact statement from TAX (HB1326)
01/20/2015Assigned Finance sub: Subcommittee #3
01/22/2015Impact statement from TAX (HB1326)
01/23/2015Subcommittee recommends laying on the table
02/10/2015Left in Finance

Video

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 25 seconds.