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2018 Session

Budget Amendments - SB30 (Committee Approved)

Limitation on Land Preservation Tax Credit (language only)

Item 3-5.16 #2s

Item 3-5.16 #2s

Adjustments and Modifications to Tax Collections
Limitation on the Amount of Land Preservation Tax Credits Claimed

Language

Page 469, after line 13, insert:

"§ 3-5.16 LIMITATION ON THE AMOUNT OF LAND PRESERVATION TAX CREDITS CLAIMED


Notwithstanding § 58.1-512 or any other provision of law, effective for the taxable year beginning on and after January 1, 2018, the amount of the Land Preservation Tax Credit that may be claimed by each taxpayer, including amounts carried over from prior taxable years, shall not exceed $20,000."



Explanation

(This amendment limits the amount of the Land Preservation Tax Credit that may be claimed by each taxpayer, including amounts carried over from prior taxable years, to $20,000 for any taxable year.)