Source: http://www.gloucestercounty-va.com/2017/03/mobster-mcauliffe-strikes-again-vetoes.html
Timestamp: 2017-11-24 11:11:21
Document Index: 310643797

Matched Legal Cases: ['§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 170', '§ 2', '§ 2', '§ 10', '§ 10', '§ 3', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58']

Gloucester VA Links and News: Mobster McAuliffe Strikes Again, Vetoes House Bill 1470 Claiming Coal Tax Exemptions
Mobster McAuliffe Strikes Again, Vetoes House Bill 1470 Claiming Coal Tax Exemptions
Mobster Terry McAuliffe vetoes house bill 1470 claiming it gives a tax incentive to coal companies. We don't see it, and if it does, so what? They deserve tax credits considering what the socialist propagandists have done lying about the industry.
Here is the statement from the mobster's office.
Governor McAuliffe Bill Reinstating Costly and Ineffective Coal Tax Credit without Meaningful Reform
Now let's look at the actual bill. Can someone please show me where the tax incentive for coal companies are? I may have overlooked them, but I don't think so.
HOUSE BILL NO. 1470 Offered January 11, 2017 Prefiled December 9, 2016 A BILL to amend and reenact §§ 58.1-512 and 58.1-513 of the Code of Virginia, relating to land preservation tax credits; limitations. ---------- Patrons-- Ware, Aird, Hugo, Jones and Orrock ---------- Referred to Committee on Finance ----------
1. That §§ 58.1-512 and 58.1-513 of the Code of Virginia are amended and reenacted as follows:
A. 1. For taxable years beginning on or after January 1, 2000, there shall be allowed as a credit against the tax liability imposed by §§ 58.1-320 and 58.1-400, an amount equal to 50 percent of the fair market value of any land or interest in land located in Virginia which is conveyed for the purpose of agricultural and forestal use, open space, natural resource, and/or biodiversity conservation, or land, agricultural, watershed and/or historic preservation, as an unconditional donation by the landowner/taxpayer to a public or private conservation agency eligible to hold such land and interests therein for conservation or preservation purposes. For such conveyances made on or after January 1, 2007, the tax credit shall be 40 percent of the fair market value of the land or interest in land so conveyed.
2. For taxable years beginning on and after January 1, 2017, the amount of credit issued under this article shall not exceed $2 million for each conveyance of land or interest in land.
3. For purposes of the limitation set forth in subdivision 2, the credits allowed under this article with respect to donations of any other portion of a recorded parcel of land within the preceding 11 years shall be aggregated with the credit requested for the current conveyance. This subdivision shall not apply if (i) all owners of the parcel who have been allowed credit for a qualified donation are not affiliated with the person or entity seeking credit for the current donation of a different portion of the parcel and (ii) in the case of an individual seeking credit, the individual has not previously made a qualified donation for any portion of the parcel and is not an immediate family member of any such owners.
C. 1. The amount of the credit that may be claimed by each taxpayer, including credit claimed by applying unused credits as provided under subsection C of § 58.1-513, shall not exceed $50,000 for 2000 taxable years; $75,000 for 2001 taxable years; $100,000 for each of 2002 through 2008 taxable years; $50,000 for each of 2009, 2010, and 2011 taxable years; $100,000 for each of 2012, 2013, and 2014 taxable years; and $20,000 for each of 2015 and 2016 taxable years; and $50,000 for 2017 taxable years and for each taxable year thereafter. However, the amount of the credit that may be claimed by each taxpayer, including credit claimed by applying unused credits as provided in subsection C of § 58.1-513, shall not exceed $100,000 for each taxable year for any fee simple donation of land conveyed to the Commonwealth on or and after January 1, 2015, the amount of the credit claimed shall not exceed $100,000 for each taxable year but before January 1, 2017, and shall not exceed $50,000 for each taxable year for any fee simple donation of land conveyed to the Commonwealth on and after January 1, 2017, provided that no part of the charitable contributions deduction under § 170 of the Internal Revenue Code related to such fee simple donation is allowable by reason of a sale or exchange of property. In addition, for each taxpayer, in any one taxable year the credit used may not exceed the amount of individual, fiduciary or corporate income tax otherwise due. Any portion of the credit that is unused in any one taxable year may be carried over for a maximum of 10 consecutive taxable years following the taxable year in which the credit originated until fully expended. A credit shall not be reduced by the amount of unused credit that could have been claimed in a prior year by the taxpayer but was unclaimed. For taxpayers affected by the credit reduction for taxable years 2009, 2010, 2011, and 2015 and thereafter, any portion of the credit that is unused in any one taxable year may be carried over for a maximum of 13 consecutive taxable years following the taxable year in which the credit originated until fully expended.
c. Beginning with calendar year 2015 and ending December 31, 2016, the maximum amount of credits that may be issued in a calendar year shall not exceed $75 million. Beginning with calendar year 2017, the maximum amount of credits that may be issued in a calendar year shall not exceed $50 million. In no case shall the Department issue any tax credit for a donation from any allocation or pool of tax credits attributable to a calendar year prior to the year in which the complete tax credit application for the donation was filed.
Beginning with the submission due on or before December 20, 2015, and in each year thereafter, the Governor shall include in "The Budget Bill" submitted pursuant to subsection A of § 2.2-1509 or in his amendments to the general appropriation act in effect submitted pursuant to subsection E of § 2.2-1509 a recommended appropriation from the general fund equal to the difference between the amount calculated pursuant to subdivision b and $75 million for calendar years 2015 and 2016 or $50 million for calendar year 2017 and each year thereafter, but not more than $20 million, to be allocated as follows: 80 percent to the Virginia Land Conservation Fund to be used in accordance with § 10.1-1020, with no less than 50 percent of such appropriation to be used for fee simple acquisitions with public access or acquisitions of easements with public access; 10 percent to the Virginia Battlefield Preservation Fund to be used in accordance with § 10.1-2202.4; and 10 percent to the Virginia Farmland Preservation Fund to be used in accordance with § 3.2-201.
A. Any taxpayer claiming a tax credit under this article shall not claim a credit under any similar Virginia law for costs related to the same project. To the extent a credit is taken in accordance with this article, no subtraction allowed for the gain on the sale of (i) land dedicated to open-space use or (ii) an easement dedicated to open-space use under subsection C of § 58.1-322 shall be allowed for three years following the year in which the credit is taken. Any building which serves as the basis, in whole or in part, of a tax credit under this article shall not serve as the basis of the tax credit allowed under § 58.1-339.2 for a period of five years following the donation on which the credit is based; and any building which serves as the basis for the tax credit allowed under § 58.1-339.2 shall not serve as the basis, in whole or in part, for a tax credit under this article for a period of five years following the completion of the rehabilitation project on which the credit is based.
2. A fee of two 2.5 percent of the value of the donated interest shall be imposed upon any transfer arising from the sale by any taxpayer of credits under this article and upon the distribution of a portion of credits under this article to a member, manager, partner, shareholder or beneficiary pursuant to subsection B. Revenues generated by such fees first shall be used by the Department of Taxation and the Department of Conservation and Recreation for their costs in implementing this article but in no event shall such amount exceed 50 percent of the total revenue generated by the fee on an annual basis. The remainder of such revenues shall be transferred to the Virginia Land Conservation Fund for distribution to the public or private conservation agencies or organizations, excluding federal governmental entities, that are responsible for enforcing the conservation and preservation purposes of the donated interests. Distribution of such revenues shall be made annually by the Virginia Land Conservation Foundation proportionally based on a three-year average of the number of donated interests accepted by the public or private conservation agencies or organizations, excluding federal governmental entities, during the immediately preceding three-year period.
D. To the extent included in and not otherwise subtracted from federal adjusted gross income pursuant to § 58.1-322 or federal taxable income pursuant to § 58.1-402, there shall be subtracted any amount of gain or income recognized by a taxpayer on the application of a tax credit under this article against a Virginia income tax liability.
Looking at the above code, I am happy this was vetoed. It's government taking good land away from ever being sold or used again by anyone other than the government. That is a very bad deal for everyone. Even though you are the one's ultimately paying for this government land grab, it works against the people and for the government. Once it's off the market, it stays off the market forever and can not be used. Very bad idea. This is just more theft by your government for the government and against the people and at your expense. Ya gotta thank these mobsters.
So you are wondering why we are now calling Terry McAuliffe a mobster? That is coming in an article very soon showing his ties to the mob whom he hired to gain his seat in the highest office in Virginia. And it comes from his good friend, John Podesta.
Labels: Government, Governor, House Bill 1470, McAuliffe, Mobster, Tax Incentives, Terry, Virginia