Bill > HB2382

This bill increases the maximum amount of land preservation tax credits that may be issued annually from $75 million to $100 million, starting in 2025. The credit amount will be automatically adjusted each year for inflation using the Consumer Price Index for All Urban Consumers (CPI-U). The bill requires the Governor to submit a recommended budget appropriation each year from the General Fund to cover the difference between the inflation-adjusted credit cap and $100 million, not exceeding $25 million. These funds would be allocated as follows: 80% to the Virginia Land Conservation Fund (with at least half used for fee simple acquisitions or easements with public access), 10% to the Virginia Battlefield Preservation Fund, and 10% to the Virginia Farmland and Forestland Preservation Fund. The tax credits are designed to incentivize landowners to donate land or conservation easements for agricultural, forestal, open space, natural resource, and historical preservation purposes, allowing donors to claim a tax credit based on a percentage of the fair market value of the donated land or interest in land.

Budget and Finance

https://lis.virginia.gov/bill-details/20251/HB2382