LPC-1 Schedule B: Statement by the Recipient With Respect to Tax Credits of $1 Million or More From a Donation Made on or After 1/1/07 of Less-Than-Fee Interest in Land (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Form LPC-1 Schedule B is a recipient statement for Land Preservation Credits of $1 million or more from a donation made on or after January 1, 2007, of a less-than-fee interest in land. It documents the donation’s conservation purposes and the supporting information for
Who files this form
Schedule B is the recipient’s statement for Land Preservation Credits of $1 million or more from a donation made on or after January 1, 2007, of a less-than-fee interest in land.
The donation must serve at least one conservation purpose listed in Section I. The holder of the conservation or open-space easement must sign Schedule B to attest to the accuracy of the conservation-value information provided or attached.
What you'll need
Include with Schedule B:
- A copy of the recorded deed of conservation easement.
- The baseline documentation record for the property.
- Documentation supporting each conservation purpose selected in Section I.
Additional documentation depends on the purpose claimed:
- Historic preservation: Work with the Virginia Department of Historic Resources to develop the appropriate documentation.
- Outdoor recreation or education: Include a current aerial photograph or map showing structures, roads, and parking areas, plus documents demonstrating the property’s conservation value.
- Watershed preservation, choice 1: Attach maps of significant wetlands.
- Natural habitat, choice 3: Attach confirmation from the relevant government agency that adjacent lands are managed primarily for natural habitat and biological diversity.
- Scenic open space, choice 5: Provide documentation from the designating agency specifically describing the designated or recommended lands or areas.
Have the deed available so you can identify the page and paragraph numbers for the required restrictions.
Common mistakes
- Leaving out required attachments. The recorded easement deed and baseline documentation record must accompany Schedule B. Attach support for the conservation purposes you select.
- Missing required boxes or deed references. Section II requires all boxes to be checked and the deed page and paragraph numbers to be identified.
- Overlooking water-resource requirements. If you answer Yes to Section III.A.1, all five requirements in items (a) through (e) must be satisfied. Provide the deed references.
- Checking only some outdoor recreation or education boxes. All boxes in Section I.E must be checked to qualify under that category.
- Signing without reviewing the statement. The easement holder must sign the attestation. The text reminds the signer to review it carefully first.
Questions people ask
Can the donation support more than one conservation purpose?
Yes. Section I says to check all applicable boxes and attach documentation supporting each selected purpose. The donation must serve at least one listed purpose.
Who signs Schedule B?
The easement holder attests to the accuracy of the conservation-value information. Section IV asks for the signature, date, printed name, and title of the holder’s authorized representative.
Does historic preservation require public access?
Yes. The deed must ensure visual or other access by the general public on a periodic basis. Identify the deed page and paragraph containing that provision.
What is required for forestlands containing 20 acres or more?
Section III.C requires the deed to provide for a current written forest management plan or Virginia Forest Stewardship Plan before timber harvesting or other significant forest management activities begin. Identify the relevant deed page and paragraph. The text directs applicants to the Virginia Department of Forestry for assistance with a plan.