Language Page 580, after line 1, insert:"§ 3-5.22 LAND PRESERVATION TAX CREDIT CLAIMEDA. Notwithstanding § 58.1-512 or any other provision of law, effective for the taxable year beginning on and after January 1, 2017, but before January 1, 2023, 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.B. Notwithstanding § 58.1-512 or any other provision of law, effective for the taxable year beginning on and after January 1, 2024, 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."
Page 580, after line 1, insert:
"§ 3-5.22 LAND PRESERVATION TAX CREDIT CLAIMED
A. Notwithstanding § 58.1-512 or any other provision of law, effective for the taxable year beginning on and after January 1, 2017, but before January 1, 2023, 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.
B. Notwithstanding § 58.1-512 or any other provision of law, effective for the taxable year beginning on and after January 1, 2024, 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 restores language removed in House Bill 30, as introduced, that limits the amount of Land Preservation Tax Credit that may be claimed by an individual in a taxable year to $20,000.)