Is providing tax relief when land is taken by eminent domain unusual?
No, the IRS provides for it as well allowing for any gains to be rolled into similar investments without incurring an immediate tax on the gains.
Business Advocate | Virginia exempts gain from eminent domain condemenation from its income tax
Refreshing Recollection:
The Bill: Virginia’s SB 1256 (VA | 2019)
- Would provide a tax break for any gains on a forced sale
- Applies to residential and commercial land