Reflect LPTC Changes in HB 1828 (language only)

Item 3-5.18 #1h

Language
Page 517, strike lines 35 through 39 and insert:
"A. Notwithstanding § 58.1-512, Code of Virginia, or any other provision of law, for taxable years beginning on or after January 1, 2015, the maximum amount of credits that may be issued in a calendar year under the Land Preservation Tax Credit program shall not exceed $75,000,000.  
B. Notwithstanding § 58.1-512, Code of Virginia, or any other provision of law, for taxable years beginning on and after January 1, 2015, but before January 1, 2017, the amount of the Land Preservation Tax Credit that may be claimed by each taxpayer, including credit claimed by applying unused credits as provided under subsection C of § 58.1-513, Code of Virginia, shall not exceed $20,000.  For taxable years beginning on and after January 1, 2017, the amount of the Land Preservation Tax Credit that may be claimed by each taxpayer, including credit claimed by applying unused credits as provided under subsection C of § 58.1-513, Code of Virginia, shall not exceed $50,000.  Any portion of the credit that is unused in any one taxable year because of the limitation imposed by this paragraph may be carried over to the extent usable for the next 13 succeeding taxable years or until the credit is utilized, whichever is sooner.  However, the provisions of this subsection shall not apply to a fee simple donation of land conveyed to the Commonwealth on and after January 1, 2015, provided that no part of the charitable contributions deduction under § 170 of the Internal Revenue Code related to such fee simple donation is allowable by reason of a sale or exchange of property.  
C. Notwithstanding § 58.1-512, Code of Virginia, or any other provision of law, in no case shall the Department of Taxation issue any tax credit for a donation from any allocation or pool of tax credits attributable to a calendar year prior to the year in which the complete tax credit application for the donation was filed."

Explanation
(This amendment reflects changes to the Land Preservation Tax Credit adopted pursuant to House Bill 1828, 2015 Session of the General Assembly, which limits the rate at which tax credits can be redeemed and reduces the aggregate cap on credits. Like the proposal contained in House Bill 1400, for tax years 2015 and 2016 the amount of the tax credit claimed by any individual may not exceed $20,000 in a given year and 13 years is provided to utilize the credits. Beginning in tax year 2017, the individual usage cap would increase to $50,000. Today it is capped at $100,000. Also included is a reduction in the aggregate annual credits issued, from $100 million to $75 million.)