Land Conservation, Film &
Other Tax Credit
BW&A works with a variety of other tax credit programs in addition to the ones already listed.
Virginia Land Preservation Tax Credit
Virginia is one state that has a popular land preservation tax credit.
The Virginia Land Conservation Incentives Act of 1999 allows Virginia taxpayers who donate land or conservation easements to claim a credit against their Virginia state income tax liability of 40% of the value of the donated land or easement.
The value of the easement is the reduction in value of the property once the development rights have been relinquished. The amount of the credit used may not exceed the amount of state income tax otherwise due. Any portion of the credit that is not used up in the year the land or easement is donated can be carried over for an additional 13 years. Moreover, donors who have more credit than they can use may sell their tax credits to other taxpayers. This represents a significant incentive for land conservation in Virginia.
Individuals can utilize up to $20,000 in land preservation tax credits per year (with their spouse using an additional $20,000). BW&A can help you qualify and monetize your tax credits. In addition, if you have Virginia tax liability and are interested in offsetting this income with land preservation tax credits, BW&A can help secure tax credits on your behalf.
Land Preservation Tax Credits
Individuals who donate an easement to for conserve land and minimize future development can qualify for a federal tax deduction.
In addition, in these donations may also qualify for state tax incentives. Each state’s program is unique, and qualifying for a federal deduction does not automatically qualify a donor for a state benefit.
Please contact us to learn more about a particular state’s land preservation tax incentives.
Film Tax Credit
A number of states have enacted film tax credit programs to help offset the cost of producing movies and television shows and as incentive to attract film projects to their states. As a result, this opens up an opportunity for production companies making the investment in these states to monetize these tax credits with third party investors.
If you think your project may be eligible for a film tax credit or has already qualified, contact us to understand how you can monetize your tax credit. We are actively working with film tax credit investors who can help fund your project.
Enterprise Zone Tax Credits
Certain states and localities have established enterprise zones designed to encourage investment in certain geographic areas. These are usually known as enterprise zone tax credits (EZTC) and can be designated using census data.
Investments that result in job creation or development in these areas may be eligible for income tax, real estate tax credits, and/or grants.
We can help determine whether your project is eligible for this type of assistance. If we determine you can take advantage of these tax credits, we can manage the process of obtaining the credits, securing a purchaser of the credits and structuring the transaction, and/or securing the grants. These incentives may also be combined with other programs that may provide significant financial assistance for your project or property.
Brownfield Tax Credits
Numerous states have developed Brownfield Tax Credits as well as other financial incentives to help pay for the costs to clean-up properties whose environmental condition has been harmed by previous uses of the site. Brian Wishneff & Associates can help identify whether your project will be eligible for Brownfield financial incentives. If your project is deemed eligible, we can assist in securing these incentives and, if tax credits are available, we can help find a tax credit investor and structure the transaction.
Contact us if you think you have a real estate development project that could take advantage of these incentives.