Virginia Mulls Restriction On Conservation Tax Credit

Law360, New York (January 10, 2014, 4:31 PM EST) -- A proposal introduced Thursday in Virginia's legislature would tighten restrictions on the state's conservation land tax credit, preventing individuals and corporations that donate land but keep a stake in any oil or gas that could be mined from it from claiming the credit.

The legislation would bar the state from granting the credit if a donor retains a so-called “mineral interest” in the land. The bill is being floated by state Senator Richard H. Stuart, R-Westmoreland, a member of the legislature's agriculture, natural resources and conservation...
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