Virginia Land Preservation Tax Credit 2012 Statutes By Land Conservation Concepts, Inc.

▼

"No man's life, liberty or property are safe while the Legislature is in session." Gideon J. Tucker, 1866

Following are descriptions of 2012 legislative changes to the Virginia land preservation tax credit program, and links to 2011 and 2010 changes. Bill names link to history in Legislative Information System. Links will open in a separate window.

House Bill 336, as introduced by Wilt, proposes to terminate the eligibility of Federal governmental agencies to receive grants of land preservation tax credit transfer fee revenues from the Virginia Land Conservation Foundation (foundation). For background on how Federal governmental agencies were made recipients of the transfer fee, see House Bill 447 and Senate Bill 264 from the 2010 session.

House Bill 908, as introduced by Minchew, proposes to establish a pre-approval process for the issuance of land preservation tax credits. Donors would apply for credits before the donation is recorded. The Department of Taxation (Taxation) would review the application and have the opportunity to conduct its own appraisal if it disagrees with the donor's appraisal. After completing its review, Taxation would then issue a conditional approval or denial of the credit application. If the donation is recorded consistent with the conditionally approved application, the fair market value of the donation "shall not be subject to dispute except upon a showing of fraud or the misrepresentation of a material fact." For background, see House Bill 1820 and Senate Bill 1232 from the 2011 session.

House Bill 1113, as introduced by Toscano, proposes that the Department of Conservation and Recreation negotiate a land exchange with Southwood Charlottesville, LLC, a wholly owned affiliate of Habitat for Humanity of Greater Charlottesville, which owns 100 acres of property adjoining the controversial Biscuit Run State Park in Albemarle County. Press reports provide background.

Senate Bill 352, as introduced by Deeds, allows the executor or administrator of an estate or the trustee of a revocable living trust to transfer a deceased person's land preservation tax credits, which currently expire with them, to another taxpayer. The bill also exempts transfers to trustees or beneficiaries of an estate from the transfer fee.

Senate Bill 355, as introduced by Deeds, requires the Department of Taxation to publish and update annually a list that indicates the assessed value, the appraised value, and the amount of credits issued for each piece of property, or interest in property, awarded a land preservation tax credit by tax map number. Historically, Taxation has released to the public summary statistical data on donation parameters. This information is available online. Current law prevents taxpayer-level detail from being disclosed.

To buy or sell Virginia land preservation tax credits or learn more about them, please contact us and visit our FAQ.