How to Save on State Taxes

As a Virginia taxpayer—whether you pay $1,000 or $50,000 in state income taxes—you can save 15 percent or more on your state income tax bill by buying a tax credit from a local landowner. Landowners who conserve their farms receive a Land Preservation Credit [LPC] from the state for 40 percent of the thousands of dollars they gave up in their land’s market value. That landowner can then sell that tax credit directly to any Virginia taxpayer.

Buying a tax credit encourages conservation and saves you money. Currently companies as well as individuals can buy and use up to $100,000 in tax credits each year. It’s as easy as a phone call or e-mail to the New River Land Trust. We’ll connect you or your accountant directly to local landowners with credits to sell. Every penny goes to the landowner.

The New River Land Trust helped to sell over $1 million in tax credits last year by directly connecting taxpayers with landowners. Tax credit buyers saved over $150,000–$200,000 on their state income taxes.

Consult with your tax adviser. “It’s a no-brainer” is what most tax and financial planners are telling their clients.

Click Here for information about buying a tax credit.

Call 540.951.1704 or e-mail nrlt@newriverlandtrust.org for a list of landowners with credits to sell.