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
Virginia Department of Taxation
The Virginia Department of Taxation is the state agency responsible for issuing the land preservation tax credit. For more information on the Virginia Department of Taxation and its latest guidance on tax credits and related issues, read the posts below.
No Land Preservation Tax Credit for Virginia Localities
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
General Assembly Places 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