Chief Patron: Ware
Reflect LPTC Changes in HB 1828 (language only)
Item 3-5.18 #1h
Item 3-5.18 #1h | | | |
| Adjustments and Modifications to Tax Collections |
| Land Preservation Tax Credit |
Language
Page 517, at the start of line 35, insert:
"Notwithstanding § 58.1-513, Code of Virginia, or any other provision of law, for taxable years beginning on and 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 $85,000,000."
Page 517, line 36, after "2015," insert:
"and for taxable years beginning on and after January 1, 2016".
Page 517, line 37, after "$20,000." insert:
"For taxable years beginning on and after January 1, 2016, 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. For taxable years beginning on and after January 1, 2015, any".
Page 527, line 37, strike "Any".
Explanation
(This amendment modifies language contained in House Bill 1400 as introduced relating to the Land Preservation Tax Credit. The changes are intended to reflect the impact of House Bill 1828, 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 $85 million.)