§ 58.1-439.12. Riparian forest buffer protection for waterways tax credit.
A. For all taxable years beginning on or after January 1, 2000, anycorporation that owns land abutting a waterway on which timber is harvested,and that forbears harvesting timber on certain portions of the land near thewaterway, shall be allowed a credit against the tax imposed by § 58.1-400 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.
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 corporation 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 taxpayer'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 noncompliance shall bedelivered to the taxpayer 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 land retained as a buffer. The amount ofsuch credit shall not exceed $17,500 or the total amount of the tax imposedby this chapter, whichever is less, in the year that the timber outside thebuffer was harvested. If the amount of the credit exceeds the taxpayer'sliability for such taxable year, the excess may be carried over for creditagainst income taxes in the next five taxable years until the total amount ofthe tax credit has been taken. The land which is the subject of a tax creditunder this section cannot again be the subject of a tax credit under thissection for at least fifteen years.
D. To claim the credit authorized under this section, the taxpayer 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 taxpayer. The taxpayer shallattach the certificate to the Virginia tax return on which the credit isclaimed. In the event the timber in that portion of land retained as a bufferis harvested by the taxpayer or any other person prior to the end of the termoriginally established in the taxpayer's individualized Forest StewardshipPlan, the taxpayer shall repay the tax credit claimed. Within sixty daysafter receiving written notification from the State Forester that thetaxpayer's plan no longer qualifies for the credit, repayment shall be madeto the Department of Taxation. If repayment is not made within the sixty-dayperiod, the State Forester shall notify the locality's Commonwealth Attorneyfor assistance in collecting the funds from the taxpayer.
§ 58.1-439.12. Riparian forest buffer protection for waterways tax credit.
A. For all taxable years beginning on or after January 1, 2000, anycorporation that owns land abutting a waterway on which timber is harvested,and that forbears harvesting timber on certain portions of the land near thewaterway, shall be allowed a credit against the tax imposed by § 58.1-400 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.
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 corporation 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 taxpayer'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 noncompliance shall bedelivered to the taxpayer 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 land retained as a buffer. The amount ofsuch credit shall not exceed $17,500 or the total amount of the tax imposedby this chapter, whichever is less, in the year that the timber outside thebuffer was harvested. If the amount of the credit exceeds the taxpayer'sliability for such taxable year, the excess may be carried over for creditagainst income taxes in the next five taxable years until the total amount ofthe tax credit has been taken. The land which is the subject of a tax creditunder this section cannot again be the subject of a tax credit under thissection for at least fifteen years.
D. To claim the credit authorized under this section, the taxpayer 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 taxpayer. The taxpayer shallattach the certificate to the Virginia tax return on which the credit isclaimed. In the event the timber in that portion of land retained as a bufferis harvested by the taxpayer or any other person prior to the end of the termoriginally established in the taxpayer's individualized Forest StewardshipPlan, the taxpayer shall repay the tax credit claimed. Within sixty daysafter receiving written notification from the State Forester that thetaxpayer's plan no longer qualifies for the credit, repayment shall be madeto the Department of Taxation. If repayment is not made within the sixty-dayperiod, the State Forester shall notify the locality's Commonwealth Attorneyfor assistance in collecting the funds from the taxpayer.
§ 58.1-439.12. Riparian forest buffer protection for waterways tax credit.
A. For all taxable years beginning on or after January 1, 2000, anycorporation that owns land abutting a waterway on which timber is harvested,and that forbears harvesting timber on certain portions of the land near thewaterway, shall be allowed a credit against the tax imposed by § 58.1-400 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.
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 corporation 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 taxpayer'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 noncompliance shall bedelivered to the taxpayer 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 land retained as a buffer. The amount ofsuch credit shall not exceed $17,500 or the total amount of the tax imposedby this chapter, whichever is less, in the year that the timber outside thebuffer was harvested. If the amount of the credit exceeds the taxpayer'sliability for such taxable year, the excess may be carried over for creditagainst income taxes in the next five taxable years until the total amount ofthe tax credit has been taken. The land which is the subject of a tax creditunder this section cannot again be the subject of a tax credit under thissection for at least fifteen years.
D. To claim the credit authorized under this section, the taxpayer 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 taxpayer. The taxpayer shallattach the certificate to the Virginia tax return on which the credit isclaimed. In the event the timber in that portion of land retained as a bufferis harvested by the taxpayer or any other person prior to the end of the termoriginally established in the taxpayer's individualized Forest StewardshipPlan, the taxpayer shall repay the tax credit claimed. Within sixty daysafter receiving written notification from the State Forester that thetaxpayer's plan no longer qualifies for the credit, repayment shall be madeto the Department of Taxation. If repayment is not made within the sixty-dayperiod, the State Forester shall notify the locality's Commonwealth Attorneyfor assistance in collecting the funds from the taxpayer.
