3-6.06#1c (Transfer of Land Preservation Tax Credits) Land Preservation Tax Credit Transfer Fee. SB800

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2015 Session

Budget Amendments - SB800 (Conference Report)

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Land Preservation Tax Credit Transfer Fee (language only)

Item 3-6.06 #1c

Item 3-6.06 #1c
Adjustments and Modifications to Fees
Transfer of Land Preservation Tax Credits

Language
Page 518, line 38, after "§ 3-6.06" strike the remainder of the line and insert:
"Omitted."
Strike lines 39 through 43.

Explanation
(This amendment eliminates § 3-6.06 in its entirety, which increases the fee imposed upon any transfer of Land Preservation tax credits from two percent of the donated value to three percent of the donated value. A companion amendment to the revenue page reduces FY 2016 general fund revenues by $1,350,000.)

Item 3-6.06

Item 3-6.06

§ 3-6.06 TRANSFER OF LAND PRESERVATION TAX CREDITS

Notwithstanding the provisions of § 58.1-513 and any other provision of law, the fee imposed upon any transfer arising from the sale by any taxpayer of credits and upon the distribution of a portion of credits under this article to a member, manager, partner, shareholder or beneficiary pursuant to subsection B of § 58.1-513 shall be three percent of the value of the donated interest. The revenues generated by two-thirds of such fees shall be distributed as provided by § 58.1-513 C.2 and Item 270. F. of this Act, and the remainder of such fees shall be deposited to the general fund.

State Budget

2015 Session

Budget Amendments - SB800 (Conference Report)

Land Preservation Tax Credit Transfer Fee (language only)

Item 3-6.06 #1c

Item 3-6.06 #1c

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Item 3-6.06