Land preservation tax credits; transfer to a designated beneficiary. (HB1460)

Introduced By

Del. Matt Fariss (R-Rustburg)

Progress

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

Description

Land preservation tax credits; transfer to a designated beneficiary. Provides that a person who has unused land preservation tax credits may provide that such credits be transferred to a designated beneficiary upon his death, so long as such person with unused credits is the person who originally earned them. The bill provides that if a person dies without a will, his unused credit shall be transferred according to the rules of intestacy. The bill provides that such transfers are not subject to any fees and retain the same carryover period as if held by their original owner. Under current law, a person who has unused land preservation tax credits may transfer them while he is alive. Generally, such transfers are subject to a two percent transfer fee. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/17/2018Committee
01/17/2018Presented and ordered printed 18104545D
01/17/2018Referred to Committee on Finance
01/27/2018Impact statement from TAX (HB1460)
01/30/2018Assigned Finance sub: Subcommittee #2
01/31/2018Subcommittee recommends reporting with amendment (7-Y 0-N)
02/07/2018Reported from Finance with amendment (22-Y 0-N)
02/07/2018Reported from Finance with amendments (22-Y 0-N) (see vote tally)
02/09/2018Read first time
02/12/2018Read second time
02/12/2018Committee amendments agreed to
02/12/2018Engrossed by House as amended HB1460E
02/12/2018Printed as engrossed 18104545D-E
02/13/2018Read third time and passed House BLOCK VOTE (100-Y 0-N)
02/13/2018VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/14/2018Constitutional reading dispensed
02/14/2018Referred to Committee on Finance
02/19/2018Impact statement from TAX (HB1460E)
02/27/2018Reported from Finance (16-Y 0-N) (see vote tally)
02/28/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/28/2018Read third time
02/28/2018Passed Senate (40-Y 0-N) (see vote tally)
03/01/2018Enrolled
03/01/2018Bill text as passed House and Senate (HB1460ER)
03/01/2018Signed by Speaker
03/02/2018Impact statement from TAX (HB1460ER)
03/03/2018Signed by President
03/07/2018Enrolled Bill communicated to Governor on March 7, 2018
03/07/2018G Governor's Action Deadline Midnight, April 9, 2018
03/30/2018G Approved by Governor-Chapter 560 (effective 7/1/18)
03/30/2018G Acts of Assembly Chapter text (CHAP0560)