On August 23, 2018, the IRS released new proposed tax regulations that penalize Virginia conservation easement donors for receiving the land preservation tax credit. This new rule significantly reduces the tax benefits that Virginia landowners will receive for donating a conservation easement. Continue reading Proposed SALT Regulation Reduces Conservation Easement Tax Deductions
On November 24, 2015, the Virginia Department of Taxation released a ruling (P.D. 15-215) holding that Virginia localities are not eligible to claim the land preservation tax credit (LPTC). The term “locality” includes counties, cities, and towns, as defined in Va. Code § 15.2-102. Let’s take a closer look at this ruling. Continue reading No Land Preservation Tax Credit for Virginia Localities
I have written several times about Governor Terry McAuliffe’s goal of preserving 400,000 acres during his term. (See here and here.) This goal has been quite tentative, to say the least, during the past year or so. But now we finally have a definite answer as to Governor McAuliffe’s conservation goal for his term:
Instead of preserving 400,000 acres, he wants to preserve 1,000 treasures.
Let’s take a look together at the new initiative and how it might impact conservation efforts in Virginia. Continue reading To Seek a Thousand Treasures
According to Virginia’s Legislative Information Service, Virginia Governor Terry McAuliffe has now signed House Bill 1828 into law. As reported previously, H.B. 1828 places new limits on the land preservation tax credit, which is a tax incentive designed to encourage donations of conservation easements as well as outright donations of land. Governor McAuliffe approved the bill on March 17, 2015. The bill is being published as Chapter 235 of the 2015 Virginia Acts of Assembly. Continue reading Governor Signs Legislation Placing Limits on Land Preservation Tax Credit
With the usual budget troubles brewing in Richmond, the land preservation tax credit (LPTC)—a transferable credit that results usually from either a donation of land or a donation of a conservation easement—has once again become the target of much scrutiny by lawmakers. Of the several bills that were introduced to limit the land preservation tax credit, two of these bills have now passed the full General Assembly. These bills, Senate Bill 1019 and House Bill 1828, were both finally approved by the General Assembly on Wednesday, February 18, 2015 and are now en route to the Governor for signature. Let’s examine Senate Bill 1019 and House Bill 1828 and how they will likely change land preservation efforts in Virginia. Continue reading General Assembly Places Limits on Land Preservation Tax Credit