Thursday, February 5, 2009

Possible Changes to Land Preservation Credit

Governor Kaine has proposed reducing the cap on individual use of the credits from $100,000 per taxpayer per year to $50,000 per year for tax years 2009 and 2010. The proposed reduction is currently being considered by the General Assembly.

In light of the budget shortfall facing the state, some in the land preservation community are relieved that there are not more dramatic reductions being proposed to Virginia's innovative Land Preservation Credit program. You can track the bill's legislative progress at Richmond Sunlight's website.