In a previous VCC legislative alert, members were sent notice of House Bill 1470 that would undermine the effectiveness of the Virginia Land Preservation Tax Credit program. More information about HB 1470 is below.
Delegate Ben Cline is chairing the Finance Subcommittee that will hear and vote upon this bad bill Wednesday (tomorrow!). It is imperative that Del. Cline hear from his constituents on this matter. Please take a moment to send Del. Cline a request that he oppose HB 1470 and any other legislative effort to weaken VA Land Preservation Tax Credit that is vital for protecting agricultural lands, water resources, habitat and other important natural and cultural resources.
Cline’s office contact info in Richmond: (804) 698-1024; email DelBCline@house.virginia.gov Please notify his office today!
The ask: The LPTC is an effective program with over 741,000 acres preserved. Landowners make an incredible commitment when they put their land under easement. The stability and continuity of the program is critical. Please oppose any efforts to erode the Land Preservation Tax Credit Program.
HB 1470 introduced by Delegate Ware: Delegate Ware has been a friend of land conservation. Focus on the positives of the LPTC. It is probably not helpful to get into the specifics of which of these you could live with or not live with–stick with the effectiveness of the entire program. HB1470–Lowers program cap from $75 to $50 million; imposes a $2 million per project cap; keeps individual tax credit cap at $20,000 annually (was scheduled to go to $50,000 in 2017; and increases transfer fee from 2% to 2.5%. http://leg1.state.va.us/cgi-bi n/legp504.exe?171+ful+HB1470
The Joint Legislative Audit and Review Commission (JLARC) identified the LPTC as one of only two tax preferences in Virginia that “effectively achieves goals” and described it as “a stable and cost-efficient method of conserving land.” It is fiscally responsible, and its current investment of $75 million per year—approximately 0.15 percent of the state budget—has increased the capital available to farmers, increasing their potential for both spending and investment. Many landowners have taken the proceeds of both grants and tax credits to invest in their local businesses, buy more farmland and increase production.
Executive Director Valley Conservation Council
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