VA Tax - New Cap for the Land Preservation Tax Credit

24 May 2013 2:25 PM | Anonymous

On January 25, 2013, the Department of Taxation ("the Department") published Tax Bulletin 13-1 (Public Document 13-8, 1/25/13), which announced that the indexed tax credit cap for the Land Preservation Tax Credit for Calendar Year 2013 was $113,909,000.  However, because House Bill 1398, enacted by the 2013 General Assembly,  removed the Land Preservation Tax Credit cap's adjustment for inflation, the tax credit cap for Calendar Year 2013 and thereafter has been reduced to $100 million.  See Tax Bulletin 13-6 (P.D. 13-74) for complete information.

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