For Virginia taxpayers seeking ways to reduce their state tax liability, the Virginia Land Preservation Tax Credit program offers a valuable solution.
Virginia boasts breathtaking natural landscapes from the Blue Ridge Mountains to the Chesapeake Bay. To safeguard these treasures, the Commonwealth introduced the Virginia Land Preservation Tax Credit initiative, encouraging landowners to donate land for conservation purposes.
In essence, this program allows individuals and businesses to purchase tax credits from those who’ve donated property easements to offset their Virginia income tax. Any excess credit can be carried over to the next year.