Land preservation tax credit; application for credits prior to any donation. (HB1385)

Introduced By

Del. Michael Webert (R-Marshall)

Description

Land preservation tax credit; application for credits prior to any donation. Provides that beginning January 1,2017, a donor will be given the option to apply to the Department of Taxation for land preservation tax credits prior to making any donation of land. The Tax Commissioner, in general, will be required to provide such donor with a determination letter within 120 days of a complete application that (i) reserves such tax credits,in whole or in part, for subsequent issuance to the donor or (ii) denies the donor's application for tax credit. After the Tax Commissioner's determination letter, the donor may complete the conveyance of the donation and in such case will provide the Department with certified copies of the recorded deeds and instruments conveying the donation. The Department will then provide the donor with a written certification issuing the tax credits that were previously reserved. If the Tax Commissioner issues land preservation tax credits to a donor who elected to apply for the credits prior to making any donation, the fair market value of the donation will thereafter not be subject to dispute, except upon a showing of fraud or the misrepresentation of a material fact. Read the Bill »

Outcome

History