Virginia Requires Tax Benefit Compensation for Conservation Easement Condemnation

The Virginia Governor signed a law concerning compensation for condemnation of conservation or open-space easements. The law includes providing that any person taking land, subject to a conservation or open-space easement, by condemnation, is required to: 1) compensate the state for the value of any tax credit received by the landowner under the provisions of the Virginia Land Conservation Incentives Act of 1999 during the pendency of the conservation easement or open-space easement; and 2) compensate the locality in which the land or interest therein is located for any property tax avoided by the landowner during the pendency of the ...