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then deducts the credit from his state tax liability.
In short, an official paper trail is created. There are perhaps gaps in the trail remaining to be filled, and the trail may end up leading nowhere. But any risk appears to RCCA to lie with the landowner. And RCCA has not heard of any land preservation tax credits being limited or denied in the county — not that we would, these being private matters,
Tax credit sales prices are also private matters. Reports are that credits can be transferred through brokers — several operate in Virginia — with perhaps 70 cents on the dollar going to the landowner, the ultimate buyer paying 80 cents on the dollar and the broker taking 10 percent. However, the buyer’s tax credit against his tax liability is for the full “face” amount.One RCCA member has recently offered tax credits at $.75 on the dollar, thereby “splitting the broker fee with the buyer.”
RCCA sees the tax credit sale system as an innovation that replaces land use regulation or use of public tax dollars with a voluntary system
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