This is one of a series of posts on particular water-related bills in the 2017 Virginia General Assembly. For an inventory of about 165 water-related bills in the 2017 General Assembly, please visit the Virginia Water Resources Research Center’s “Virginia Water Legislation” page, online at http://www.vwrrc.vt.edu/virginia-water-legislation/. Each post includes a summary of the bill(s), their legislative status (in committee, passed, failed, etc.), and a list of hyperlinked headlines for news media items on the bill(s). Information on the bills’ provisions and status is taken from the Virginia Legislative Information System (LIS), online at http://leg1.state.va.us/lis.htm. Each bill number is hyperlinked to the LIS entry for that bill.
SB 963, Land preservation tax credit limitations per taxpayer. Sponsored by Sen. Emmett Hanger, Jr. (R-24th District), of Mount Solon, passed the Senate and House and was approved by the governor. The bill extends to taxable year 2017 the $20,000 limit on the amount that a taxpayer may claim per year under the land preservation tax credit, retaining the $50,000 limit for each subsequent taxable year.
HB 1470, Land preservation tax credit limitations. Sponsored by Del. R. Lee Ware (R-65th District), of Powhatan, this bill failed in the House Finance Committee. The bill would have imposed a $2 million limit on the amount of credits that may be claimed for each land conveyance; a $20,000 limit on the annual amount of credits that may be claimed by each taxpayer; a $50,000 cap on the annual amount of credits that may be claimed for a fee-simple donation of land to the Commonwealth; and a $50 million cap on the maximum annual amount of credits that may be issued to all taxpayers.
HB 2150, Land preservation tax credit limitations per taxpayer. Sponsored by Del. Lashrecse Aird (D-63rd District), of Petersburg, this bill failed in the House Finance Committee. This bill was a companion bill to SB 963 (see above).
SB 1540, Certain tax credits aggregate caps. Sponsored by Sen. Glen Sturtevant (R-10th District), of Midlothian, this bill failed in the Senate Finance Committee. The bill would have reduced the total aggregate caps of the historic rehabilitation tax credit, the research and development expenses tax credit, the major research and development expenses tax credit, and the land preservation tax credit over a period of 10 years, so that no credits were available for any of the credits beginning in 2027.
Related News Media Item
Va. Senate panel kills Sen. Glen Sturtevant’s bill to cap and phase out historic rehab tax credits, Richmond Times-Dispatch, 1/31/17.