VirginiaHB23822025 Regular SessionHouse

Land preservation tax credit; maximum amount increase.

Sponsored By: Geary Higgins (Republican)

Failed

Summary

Land preservation tax credit; maximum amount increase. Increases from $75 million to $100 million, beginning in 2025, the maximum amount of land preservation tax credits that may be issued in a calendar year and adjusts such amount each year for inflation using the Consumer Price Index for All Urban Consumers. The bill also requires the Governor to submit a recommended appropriation each year in the Budget Bill, or as amendments to the general appropriations act, from the General Fund in an amount equal to the difference between the inflation adjusted annual credit cap and $100 million, but not more than $25 million, for purposes described in the bill.

Finance

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Geary Higgins

    Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 5 • No: 3

House vote • 1/21/2025

Subcommittee recommends laying on the table

Yes: 5 • No: 3

Actions Timeline

  1. Left in Finance

    2/4/2025House
  2. Subcommittee recommends laying on the table (5-Y 3-N)

    1/21/2025House
  3. Impact statement from TAX (HB2382)

    1/21/2025House
  4. Assigned Finance sub: Subcommittee #2

    1/20/2025House
  5. Referred to Committee on Finance

    1/8/2025House
  6. Prefiled and ordered printed; Offered 01-08-2025 25102823D

    1/8/2025House

Bill Text

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