Virginia allows an income tax
credit for 40 percent of the value of donated land
or conservation easements. Taxpayers
may use up to $100,000 per year for the
year of sale and the ten subsequent tax
years. Unused credits may be sold,
allowing individuals with little or no
Virginia income tax burden to take
advantage of this benefit.
To be eligible for tax credits, the easement must qualify as a charitable deduction under the IRS Code and meet additional requirements under the Virginia Land Conservation Incentives Act.
DCR is responsible for verifying the conservation value of Land Preservation Tax Credits for all donations of land or conservation easements for which the donor claims a state tax credit of $1 million or more. These applicants must meet the Conservation Value Review Criteria adopted by the Virginia Land Conservation Foundation Board (VLCF).
For information about DCR’s review of Land Preservation Tax Credit applications, contact the agency’s land conservation analyst, Jeremy Stone, at (804) 371-5218, e-mail jeremy.stone@dcr.virginia.gov.
