Summary of HB08-1353
Short Title: Verify Conservation Easement Tax Credits

Sponsors: Madden/Isgar

Requires that an appraiser who conducts an appraisal of a conservation easement submit a copy of the appraisal to the division of real estate (division) rather than the department of agriculture and the department of natural resources. Requires the appraisal to be submitted within a specified time with an affidavit containing specified information relating to the appraisal, the appraiser, and the easement being appraised. Authorizes the board of real estate appraisers (board) to investigate the activities of any appraiser who submits an appraisal, and requires the board to conduct the investigation upon receiving a written complaint from any person. If the board determines that a material violation has occurred, requires the board to notify the department of revenue (DOR). Requires the division to maintain the information in an electronic database. Authorizes the division to share the information with the DOR. Specifies that the division shall deny an open records request to inspect the information until such time as the division files a notice of charges related to the information. Allows the division to require the correction of an appraisal in specified circumstances and to notify the DOR regarding the appraisal. Provides the board with the authority to take disciplinary action against appraisers who do not meet specified requirements relating to appraisals of conservation easements. Authorizes the board to establish classroom education and experience requirements for an appraiser who prepares an appraisal for a conservation easement for which a tax credit is claimed. Creates a fee to be charged for each appraisal submitted to the division to provide for the costs of administering the additional requirements. Creates the conservation easement oversight commission (commission). Specifies the membership of the commission and the terms of certain members of the commission. Requires the commission to establish a conflict of interest policy for members of the commission. Requires the commission to review conservation easement transactions at the request of the division and to advise the division and the DOR regarding conservation easement transactions for which a tax credit is claimed. Requires the division to establish and administer a certification program for organizations that hold conservation easements for which tax credits are claimed. Requires the commission to review each application for certification and provide a recommendation for approval to the division. Specifies criteria for granting certification. Requires applicants to pay a fee to provide for the costs of the certification program. Authorizes the program to contain a provision allowing for the expedited or automatic certification of certain entities. Requires the division to notify the applicants of the division's decision on certification. Allows the division to implement the certification program for land trusts during the first year of the program and for other entities in the 2nd year of the program. Allows future tax credits for conservation easements to be claimed only if the entity that holds the easement has been certified by the program. Provides that the certification shall be effective for a specified time. Allows the division to revoke or suspend a certification upon making specified findings. Requires the division to maintain and update an online list of the status of entities that participate in the program. Creates an exception from an existing requirement that the holder of a conservation easement have adequate resources to monitor its easements if the easement was granted to a local government that did not involve a charitable donation. Specifies additional authority and responsibilities of the executive director of the DOR with respect to administering the allowance of tax credits for conservation easements. Authorizes the executive director to require such detailed information regarding a claim for a conservation easement credit as the executive director determines is necessary to carry out the DOR's functions relating to the credit. Excepts the executive director from having to comply with an open records request to inspect information related to a credit. Modifies existing provisions that allow the executive director of the DOR to require a 2nd appraisal for a conservation easement. Extends the internal revenue code's tax basis limitation on qualified conservation contributions over property held for less than one year to state conservation tax credits. Defines terms.


Status
03/07/2008 Introduced In House - Assigned to Finance
03/11/2008 House Committee on Finance Witness Testimony and/or Committee Discussion Only
03/19/2008 House Committee on Finance Refer Amended to Appropriations
04/04/2008 House Committee on Appropriations Pass Amended to House Committee of the Whole
04/09/2008 House Second Reading Special Order - Laid Over Daily
04/10/2008 House Second Reading Special Order - Passed with Amendments
04/11/2008 House Third Reading Passed
04/14/2008 Introduced In Senate - Assigned to Finance
04/22/2008 Senate Committee on Finance Refer Amended to Appropriations
04/25/2008 Senate Committee on Appropriations Pass Unamended to Senate Committee of the Whole
04/29/2008 Senate Second Reading Passed with Amendments
04/30/2008 Senate Third Reading Passed
05/02/2008 House Considered Senate Amendments - Result was to Laid Over Daily05/02/2008
05/02/2008 House Considered Senate Amendments - Result was to Concur - Repass

Amendments

Fiscal Notes Status

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