Following are descriptions of recently enacted legislative changes to the Virginia land preservation tax credit program and useful forms and references published by the Virginia Department of Taxation, Department of Conservation and Recreation, and Attorney General.
Recently Enacted Legislative Changes:
Virginia Department of Taxation Form LPC-1 - This form is for registering Virginia Land Preservation Tax Credits (PDF format).
Instructions Form LPC-1 Schedule A Schedule B Schedule C
Virginia Department of Taxation Form LPC-2 - This form is for transferring Virginia Land Preservation Tax Credits (PDF format).
Instructions Form LPC-2
Virginia Department of Taxation Rulings - These are rulings of the Tax Commissioner related to Virginia Land Preservation Tax Credits (PDF format).
Virginia Land Conservation Foundation Conservation Value Review Criteria for Virginia Land Preservation Tax Credit Applications Greater Than $1MM (PDF format)
02-094
Recently Enacted Legislative Changes:
- House Bill 447 and Senate Bill 264 eliminate the $10,000 cap on the land preservation tax credit transfer fee for easements recorded after June 30, 2010. The bills also change how the fee revenue is to be spent. After June 30, 2010, up to 50% of the transfer fee revenue is to be allocated to the Department of Taxation and the Department of Conservation and Recreation (DCR) for their costs administering the land preservation tax credit program. The remainder of the transfer fee revenue is to be allocated to the Virginia Land Conservation Foundation for distribution to public or private easement holders (holders) in proportion to the three-year average number of easement donations the holders have received. The bills do not restrict how these funds may be used by the holders. Formerly, all transfer fee revenue was allocated to Taxation and DCR. Prospective conservation easement donors should consider running the numbers again on tax credit sales before you record your donation. Effective July 1, 2010, the transfer fees you will have to pay Taxation increase from 0% to 5% for all land preservation tax credit sales after your first $200,000 in face value.
- Senate Bill 233 reduces the amount of land preservation tax credit that a taxpayer may claim in 2011 from $100,000 to $50,000. Prior to the enaction of this legislation by the McDonnell administration, the amount was to revert back to $100,000 in 2011, after having been reduced to $50,000 for 2009 and 2010 by the Kaine administration. Now, the amount is scheduled to revert to $100,000 in 2012 and subsequent years.
- Senate Bill 661 requires DCR review of applications for more than $250,000 in land preservation tax credits if any part of the property has otherwise been eased within the preceding three years. The bill became effective on July 1, 2010.
- House Bill 141 permits charitable organizations qualified to be easement holders that do not hold easements to make donations that qualify for the land preservation tax credit. The bill became effective on July 1, 2010.
Virginia Department of Taxation Form LPC-1 - This form is for registering Virginia Land Preservation Tax Credits (PDF format).
Instructions Form LPC-1 Schedule A Schedule B Schedule C
Virginia Department of Taxation Form LPC-2 - This form is for transferring Virginia Land Preservation Tax Credits (PDF format).
Instructions Form LPC-2
Virginia Department of Taxation Rulings - These are rulings of the Tax Commissioner related to Virginia Land Preservation Tax Credits (PDF format).
- 2010: 10-13 10-75
- 2009: 09-19 09-61
- 2008: 08-66 08-49 08-159
- 2007: 07-1 07-9 07-95 07-131 07-132 07-172 07-201
- 2006: 06-36
- 2005: 05-66 05-76 05-122 05-125 05-136 05-170
- 2004: 04-96 04-119 04-182
- 2003: 03-12 03-13 03-55 03-77
- 2002: 02-97
- 2000: 00-106
- 1999: 99-293
Virginia Land Conservation Foundation Conservation Value Review Criteria for Virginia Land Preservation Tax Credit Applications Greater Than $1MM (PDF format)
- Conservation Value Review Criteria (Adopted 11/21/06, Amended 8/7/08 and 3/27/09)
- Conservation Value Review Procedural Guidelines as Adopted 12/22/06
02-094
Home FAQ References Links Site Map
Land Conservation Concepts, Inc.
P.O. Box 485 (Mail)/401 Main Street (Shipping)
Mathews, Virginia 23109
Voice: (804) 725-0111
Email: Info@LandCC.com
Copyright 2006-2010 Land Conservation Concepts, Inc.
All Rights Reserved
Important Disclaimer: The information contained in this web page is necessarily general in scope. It was obtained from sources that are believed to be reliable, but cannot be guaranteed. It is subject to change without notice, and may not be relevant to your particular circumstances. Any individual or entity contemplating a conservation easement donation or buying or selling Virginia Land Preservation Tax Credits should seek advice from qualified independent tax and legal advisors on how these transactions may affect them. Land Conservation Concepts, Inc. does not provide tax or legal advice, and nothing contained in these web pages may be construed to be tax or legal advice, or for use in avoiding any penalties under the Internal Revenue Code.
Land Conservation Concepts, Inc.
P.O. Box 485 (Mail)/401 Main Street (Shipping)
Mathews, Virginia 23109
Voice: (804) 725-0111
Email: Info@LandCC.com
Copyright 2006-2010 Land Conservation Concepts, Inc.
All Rights Reserved
Important Disclaimer: The information contained in this web page is necessarily general in scope. It was obtained from sources that are believed to be reliable, but cannot be guaranteed. It is subject to change without notice, and may not be relevant to your particular circumstances. Any individual or entity contemplating a conservation easement donation or buying or selling Virginia Land Preservation Tax Credits should seek advice from qualified independent tax and legal advisors on how these transactions may affect them. Land Conservation Concepts, Inc. does not provide tax or legal advice, and nothing contained in these web pages may be construed to be tax or legal advice, or for use in avoiding any penalties under the Internal Revenue Code.