21 Jan Land Preservation Tax Credit
Program Name: Land Preservation Tax Credit
Resource Type: State
State: Virginia, Mid-Atlantic
Agency: Program Source: Tax Incentive
Description: Virginia allows an income tax credit for 40 percent of the value of donated land or conservation easements. For tax years 2002 through 2008, taxpayers may use up to $100,000 per year for the year of sale and the ten subsequent tax years. For tax years 2009 and 2010, taxpayers may use up to $50,000 per year for the year of the sale, and then 12 subsequent tax years for taxpayers affected by the credit reduction for those years. Unused credits may be sold, allowing individuals with little or no Virginia income tax burden to take advantage of this benefit.