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2010 Session

Budget Amendments - HB30 (Conference Report)

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LPTC Transfer Fee Distribution

Item 352 #2c

Item 352 #2c

First Year - FY2011 Second Year - FY2012
Natural Resources
Conservation and Recreation, Department of FY2011 $2,000,000 FY2012 $2,000,000 NGF

Language
Page 242, line 19, strike "$50,108,610" and insert "$52,108,610".
Page 242, line 19, strike "$50,108,610" and insert "$52,108,610".
Page 243, line 3, after "D." insert "1."
Page 243, after line 5, insert:
"2.  Included in the amounts for Preservation of Open Space Lands is $2,000,000 the first year and $2,000,000 the second year from nongeneral funds to be deposited into the Virginia Land Conservation Fund to be distributed by the Virginia Land Conservation Foundation pursuant to the provisions of § 58.1-513, Code of Virginia."


Explanation
(This amendment implements the provisions of Senate Bill 264 and House Bill 447, which provide nongeneral revenue from the removal of the cap on Land Preservation Tax Credit (LPTC) transfer fees. These funds shall be proportionally distributed by the Virginia Land Conservation Foundation to public and private entities based on the number of easements held under the LPTC program. The funds are to be used for monitoring and enforcing the easement restrictions that qualified for tax credits.)