Virginia Notification of Transfer of Land Preservation Credit

Notification of Transfer of Land Preservation Credit
Form LPC-2 - Notification of Transfer of Land Preservation Credit
Virginia
Form LPC-2
•	

Notification of Transfer of
Land Preservation Credit

*VALPC2123888*

Credits derived from donations made on and after January 1, 2007, are not automatic,
but must be reviewed by the Department of Taxation to ensure that the annual limitation
is not exceeded. Some credit applications require review and approval by the Department
of Conservation and Recreation before the Department of Taxation can act.

•	

All credits, whether arising from donations before or after January 1, 2007, are subject to
adjustment by the Department of Taxation upon audit.

•	

To avoid delays at the time of annual return processing, Form LPC-2 should be filed by
the credit holder within 90 days of the credit transfer, but at least 90 days before filing
your annual return.

•	

The sale or transfer of tax credits may have income tax consequences for the credit holder
and transferee. Consult an attorney, a tax professional, or the IRS.

Mail form and payment to:
Virginia Department of Taxation
Tax Credit Unit
P.O. Box 26544
Richmond, VA 23261-6544
For assistance, call:
(804) 786-2992.

Section I – Current Credit Holder Information
B) Credit Holder Identification Number
SSN

A) Credit Holder Name (Legal Name)

FEIN
C) Street Address or P.O. Box Number

D) Contact Name, If Different From Above

City

State

E) Phone Number

F) Fax Number

ZIP Code

G) Email Address

Section II – Declaration, Signature, and Notarization
I (we) the undersigned declare, under the penalties provided by law, that this form (including any accompanying schedules and statements) has been
examined by me (us) and is, to the best of my (our) knowledge and belief, a true, correct, and complete notification form, made in good faith pursuant
to the income tax laws of the Commonwealth of Virginia. I (we) understand that the Department of Taxation will record the information submitted on this
notification; however, acceptance of this notification form does not constitute certification, approval, or validation of the transfer or valuation
of this credit by the Department of Taxation. If a person other than the taxpayer prepares this notification, their declaration is based on all information
of which they have knowledge.
I authorize the Department of Taxation to discuss my notification with the contact person listed in Section I, II or Schedule A and my broker,
if applicable. In addition, I authorize the Department of Taxation to disclose to the transferee(s) of the credit any confidential tax information
relevant to the eligibility and value of the credit transferred when such disclosure is necessary.

Must Be
Signed in
Presence
of Notary

Signature of Credit Holder

Signature of Credit Holder

Print Name

Print Name

Title

Date

Title

Date

Notary Information

Va. Dept. of Taxation  4901048- W  Rev. 08/23

Subscribed and sworn before me this ___________day of ____________________________,
20_____, in the (City/County) _____________________________, of Virginia.
Notary Public Signature

Date

Notary Public Name Printed

My Commission Expires

Signature of Broker or Representative

Address of Broker or Representative

Print Name

Broker FEIN

Date

Phone Number

Office Use Only:
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Form LPC-2
Schedule A

Notification of Transfer of Land Preservation Credit
Allocation Schedule and Calculation of Fee

*VALPC2223888*

•	 For donations made in 2007 and after, you cannot transfer credit(s) until the Department has issued you a credit.
•	 The Department is unable to guarantee that any LPC-1 application received in December will be processed in time to make a transfer
in that year.
•	 If the original donation was made on or before December 31, 2006, complete Sections I, II (if applicable), and III.
•	 If the original donation was made on or after January 1, 2007, complete Sections I , II (if applicable), III, and IV (if applicable).
•	 Credits will be granted to one taxpayer per line per SSN/FEIN.
•	 A separate LPC-2 must be completed for each credit holder who transfers credits.
•	 If a credit is transferred to a pass-through entity, an additional Schedule A must be filed to allocate the credit to its owners.
•	 Enclose additional pages, if needed. However, if the allocation/transfers are to more than 15 persons/entities, we recommend submitting a CD
or disc. Please call (804) 786-2992 for disc format.
• 	 Include the Land Preservation transaction number on your check/money order (if applicable).

Section I – Credit Information
Current Credit Balance	

$ ______________________ .00

Amount of Credit to Be Distributed	

$ ______________________ .00

Original Credit
Transaction
Number (Required)

Section II – Pass-Through Entity Information
For a Pass-Through Entity, Name

FEIN

Phone Number

Representative’s Phone Number

For a pass-through entity, do you have a tax matters representative?

	 No	

LP

	 Yes (If Yes, Enter Name)

Section III – Transferee Information
Credit Amount
Transferred

Transferee Information
Name (Legal Name)

1

2

3

4

5

Street Address

Date of Credit Transfer

Fiscal Filer

SSN / FEIN
Entity Type

City, State, ZIP Code

Sale Price of Credit

Phone Number

Name (Legal Name)

Date of Credit Transfer

SSN / FEIN

Street Address

Fiscal Filer

Entity Type

City, State, ZIP Code

Sale Price of Credit

Phone Number

Name (Legal Name)

Date of Credit Transfer

SSN / FEIN

Street Address

Fiscal Filer
Sale Price of Credit

Phone Number

Name (Legal Name)

Date of Credit Transfer

SSN / FEIN

Fiscal Filer
Sale Price of Credit

Phone Number

Name (Legal Name)

Date of Credit Transfer

SSN / FEIN

City, State, ZIP Code

Fiscal Filer
Sale Price of Credit

00

Entity Type

City, State, ZIP Code

Street Address

00

Entity Type

City, State, ZIP Code

Street Address

00

00

Entity Type
Phone Number

Total Amount of Credit Transferred
Section IV – Calculation of Fee (For donations made on or after January 1, 2007).

00
00

Check this box if you are a designated beneficiary of a credit holder who originally earned the credit or the next person eligible to receive unused
credits according to the rules of intestate succession who is exempt from the 2% transfer fee. Enclose death certificate, will, bequest, or other
instrument of transfer. See the Form LPC-2 instructions for additional information.
1. Enter the total amount of credit transferred or allocated, less any gifts.
2. Fee Due – Multiply the total amount of credit transferred by 5% (Line 1 times 0.05).
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