§ 58.1-339.10. Riparian forest buffer protection for waterways tax credit.
A. For all taxable years beginning on or after January 1, 2000, anyindividual who owns land abutting a waterway on which timber is harvested,and who forbears harvesting timber on certain portions of the land near thewaterway, shall be allowed a credit against the tax imposed by § 58.1-320 asset forth in this section. For purposes of this section, "waterway" meansany perennial or intermittent stream of water depicted on the then mostcurrent United States Geological Survey topographical map. For purposes ofthis section and for taxable years beginning on and after January 1, 2008,"individual" means an individual person and an individual's grantor trust.
B. The State Forester shall develop guidelines setting forth the generalrequirements of qualifying for the credit, including the land for whichcredit is eligible. To qualify for the credit, the individual must complywith an individualized Forest Stewardship Plan to be certified by the StateForester. In no event shall the distance from such waterway to the far end ofthe timber buffer, on which the tax credit is based, be less than thirty-fivefeet or more than three hundred feet. The minimum duration for the buffershall be fifteen years. The State Forester shall check each certified bufferannually to verify its continued compliance with the individual's ForestStewardship Plan. If the State Forester discovers that the timber in thatportion of the land retained as a buffer has been harvested prior to the endof the required term, written notification of such violation shall bedelivered to the individual by the State Forester.
C. The tax credit shall be an amount equal to twenty-five percent of thevalue of timber in that portion of the land retained as a buffer. The amountof such credit shall not exceed $17,500 or the total amount of the taximposed by this chapter, whichever is less, in the year that the timberoutside the buffer was harvested. If the amount of the credit exceeds theindividual's liability for such taxable year, the excess may be carried overfor credit against income taxes in the next five taxable years until thetotal amount of the tax credit has been taken. For purposes of this section,the amount of any credit attributable to qualified buffer protection by apartnership or electing small business corporation (S Corporation) shall beallocated to the individual partners or shareholders in proportion to theirownership or interest in the partnership or S Corporation. The land which isthe subject of a tax credit under this section cannot again be the subject ofa tax credit under this section for at least fifteen years. The StateForester shall check each certified buffer annually to verify its continuedcompliance with the individual's Forest Stewardship Plan. If the StateForester discovers that the timber in that portion of the land retained as abuffer has been harvested prior to the end of the required term, writtennotification of such noncompliance shall be delivered to the individual bythe State Forester.
D. To claim the credit authorized under this section, the individual shallapply to the State Forester, who shall determine the amount of credit, usingthe assessed value of the timber in that portion of land retained as abuffer, and issue a certificate thereof to the individual. The individualshall attach the certificate to the Virginia tax return on which the creditis claimed. In the event the timber in that portion of land retained as abuffer is harvested by the individual or any other person prior to the end ofthe term originally established in the individual's Forest Stewardship Plan,the individual shall repay the tax credit claimed. Within sixty days afterreceiving written notification from the State Forester that the individual'splan no longer qualifies for the credit, repayment shall be made to theDepartment of Taxation. If repayment is not made within the sixty-day period,the State Forester shall notify the locality's Commonwealth Attorney forassistance in collecting the funds from the individual.
§ 58.1-339.10. Riparian forest buffer protection for waterways tax credit.
A. For all taxable years beginning on or after January 1, 2000, anyindividual who owns land abutting a waterway on which timber is harvested,and who forbears harvesting timber on certain portions of the land near thewaterway, shall be allowed a credit against the tax imposed by § 58.1-320 asset forth in this section. For purposes of this section, "waterway" meansany perennial or intermittent stream of water depicted on the then mostcurrent United States Geological Survey topographical map. For purposes ofthis section and for taxable years beginning on and after January 1, 2008,"individual" means an individual person and an individual's grantor trust.
B. The State Forester shall develop guidelines setting forth the generalrequirements of qualifying for the credit, including the land for whichcredit is eligible. To qualify for the credit, the individual must complywith an individualized Forest Stewardship Plan to be certified by the StateForester. In no event shall the distance from such waterway to the far end ofthe timber buffer, on which the tax credit is based, be less than thirty-fivefeet or more than three hundred feet. The minimum duration for the buffershall be fifteen years. The State Forester shall check each certified bufferannually to verify its continued compliance with the individual's ForestStewardship Plan. If the State Forester discovers that the timber in thatportion of the land retained as a buffer has been harvested prior to the endof the required term, written notification of such violation shall bedelivered to the individual by the State Forester.
C. The tax credit shall be an amount equal to twenty-five percent of thevalue of timber in that portion of the land retained as a buffer. The amountof such credit shall not exceed $17,500 or the total amount of the taximposed by this chapter, whichever is less, in the year that the timberoutside the buffer was harvested. If the amount of the credit exceeds theindividual's liability for such taxable year, the excess may be carried overfor credit against income taxes in the next five taxable years until thetotal amount of the tax credit has been taken. For purposes of this section,the amount of any credit attributable to qualified buffer protection by apartnership or electing small business corporation (S Corporation) shall beallocated to the individual partners or shareholders in proportion to theirownership or interest in the partnership or S Corporation. The land which isthe subject of a tax credit under this section cannot again be the subject ofa tax credit under this section for at least fifteen years. The StateForester shall check each certified buffer annually to verify its continuedcompliance with the individual's Forest Stewardship Plan. If the StateForester discovers that the timber in that portion of the land retained as abuffer has been harvested prior to the end of the required term, writtennotification of such noncompliance shall be delivered to the individual bythe State Forester.
D. To claim the credit authorized under this section, the individual shallapply to the State Forester, who shall determine the amount of credit, usingthe assessed value of the timber in that portion of land retained as abuffer, and issue a certificate thereof to the individual. The individualshall attach the certificate to the Virginia tax return on which the creditis claimed. In the event the timber in that portion of land retained as abuffer is harvested by the individual or any other person prior to the end ofthe term originally established in the individual's Forest Stewardship Plan,the individual shall repay the tax credit claimed. Within sixty days afterreceiving written notification from the State Forester that the individual'splan no longer qualifies for the credit, repayment shall be made to theDepartment of Taxation. If repayment is not made within the sixty-day period,the State Forester shall notify the locality's Commonwealth Attorney forassistance in collecting the funds from the individual.
§ 58.1-339.10. Riparian forest buffer protection for waterways tax credit.
A. For all taxable years beginning on or after January 1, 2000, anyindividual who owns land abutting a waterway on which timber is harvested,and who forbears harvesting timber on certain portions of the land near thewaterway, shall be allowed a credit against the tax imposed by § 58.1-320 asset forth in this section. For purposes of this section, "waterway" meansany perennial or intermittent stream of water depicted on the then mostcurrent United States Geological Survey topographical map. For purposes ofthis section and for taxable years beginning on and after January 1, 2008,"individual" means an individual person and an individual's grantor trust.
B. The State Forester shall develop guidelines setting forth the generalrequirements of qualifying for the credit, including the land for whichcredit is eligible. To qualify for the credit, the individual must complywith an individualized Forest Stewardship Plan to be certified by the StateForester. In no event shall the distance from such waterway to the far end ofthe timber buffer, on which the tax credit is based, be less than thirty-fivefeet or more than three hundred feet. The minimum duration for the buffershall be fifteen years. The State Forester shall check each certified bufferannually to verify its continued compliance with the individual's ForestStewardship Plan. If the State Forester discovers that the timber in thatportion of the land retained as a buffer has been harvested prior to the endof the required term, written notification of such violation shall bedelivered to the individual by the State Forester.
C. The tax credit shall be an amount equal to twenty-five percent of thevalue of timber in that portion of the land retained as a buffer. The amountof such credit shall not exceed $17,500 or the total amount of the taximposed by this chapter, whichever is less, in the year that the timberoutside the buffer was harvested. If the amount of the credit exceeds theindividual's liability for such taxable year, the excess may be carried overfor credit against income taxes in the next five taxable years until thetotal amount of the tax credit has been taken. For purposes of this section,the amount of any credit attributable to qualified buffer protection by apartnership or electing small business corporation (S Corporation) shall beallocated to the individual partners or shareholders in proportion to theirownership or interest in the partnership or S Corporation. The land which isthe subject of a tax credit under this section cannot again be the subject ofa tax credit under this section for at least fifteen years. The StateForester shall check each certified buffer annually to verify its continuedcompliance with the individual's Forest Stewardship Plan. If the StateForester discovers that the timber in that portion of the land retained as abuffer has been harvested prior to the end of the required term, writtennotification of such noncompliance shall be delivered to the individual bythe State Forester.
D. To claim the credit authorized under this section, the individual shallapply to the State Forester, who shall determine the amount of credit, usingthe assessed value of the timber in that portion of land retained as abuffer, and issue a certificate thereof to the individual. The individualshall attach the certificate to the Virginia tax return on which the creditis claimed. In the event the timber in that portion of land retained as abuffer is harvested by the individual or any other person prior to the end ofthe term originally established in the individual's Forest Stewardship Plan,the individual shall repay the tax credit claimed. Within sixty days afterreceiving written notification from the State Forester that the individual'splan no longer qualifies for the credit, repayment shall be made to theDepartment of Taxation. If repayment is not made within the sixty-day period,the State Forester shall notify the locality's Commonwealth Attorney forassistance in collecting the funds from the individual.
