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Virginia forest buffer protections for waterway tax credit?

Article ID: 34562  

Question
Virginia forest buffer protections for waterway tax credit?

Answer
Individuals, grantor's trusts and corporations may qualify for an income tax credit of 25% of the value of the timber on an area designated as a riparian buffer for a waterway. The credit may not exceed $17,500 or the total amount of tax, whichever is less. To apply for this credit, file Department of Forestry (DOF) Form 179 with DOF or apply online at www.dof.virginia.gov.
A riparian buffer is land adjacent to a waterway on which timber may be harvested. In order to receive the credit, the owner of such land must refrain from harvesting more than 50% of such timber. The buffer must be at least 35 feet wide and no more than 300 feet. There must be a Stewardship Plan and annual certification of compliance for each tract. The buffer must remain in place for at least fifteen years. The land that is the subject of this credit cannot be the subject of this credit again for fifteen years after it was first taken. The credit may be carried over for the succeeding five taxable years. For more information contact: Virginia Dept. of Forestry, 900 Natural Resources Dr. Suite 800, Charlottesville, VA 22903, 434-977-6555.

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Views: 349 Created on: Jun 15, 2013