3-5.15#1c (Subtraction for Sale of Land for Open Space Use) Subtraction for Sale of Land for Open Use. SB800 - Conference Report

State Budget

2015 Session

Budget Amendments - SB800 (Conference Report)

Bill Order » Item 3-5.15 #1c

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Subtraction for Sale of Land for Open Use (language only)

Item 3-5.15 #1c

Item 3-5.15 #1c
Adjustments and Modifications to Tax Collections
Subtraction for Sale of Land for Open Space Use

Language
Page 517, line 14, after "§ 3-5.15" strike the remainder of the line and insert:
"Omitted."
Page 517, strike lines 15 through 16.

Explanation
(This amendment removes language that would eliminate the income tax subtraction for gain derived from the sale or exchange of land dedicated to open space use. Legislation authorizing these changes was adopted by the 2015 General Assembly, thus budget language is not required.)

Item 3-5.15

Item 3-5.15

§ 3-5.15 SUBTRACTION FOR SALE OF LAND FOR OPEN SPACE USE

Notwithstanding any other provision of law, for taxable years beginning on and after January 1, 2015, no subtraction shall be allowed under §§ 58.1-322 C22 or 58.1-402 C16, Code of Virginia.