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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>70641</law_id><section_number>58.1-511</section_number><catch_line>Definitions</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="58.1">Taxation</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Taxes Administered by the Department of Taxation</unit><unit label="chapter" level="3" order_by="1" identifier="3">Income Tax</unit><unit label="article" level="4" order_by="1" identifier="20.1">Virginia Land Conservation Incentives Act of 1999</unit></structure><text>
						<section><p>For the purposes of the article:
		&#x201C;<span class="dictionary">Interest in real property</span>&#x201D; means any right in real property, including access thereto or improvements thereon, or water, including but not limited to an open-space easement or conservation easement, provided such interest complies with the requirements of the U.S. Internal Revenue Code &#xA7;&#xA0;170 (h), partial interest, mineral right, remainder or future interest, or other interest or right in real property.
		&#x201C;<span class="dictionary">Land</span>&#x201D; or &#x201C;<span class="dictionary"><span class="dictionary">lands</span></span>&#x201D; means real property, with or without improvements thereon; rights-of-way, water and riparian rights; easements; <span class="dictionary">privileges</span> and all other rights or interests of any <span class="dictionary">land</span> or description in, relating to or connected with real property.
		&#x201C;<span class="dictionary">Public or Private Conservation Agency</span>&#x201D; means any Virginia governmental body, or any private not-for-profit charitable <span class="dictionary">corporation</span> or <span class="dictionary">trust</span> authorized to do business in the Commonwealth and organized and operated for natural resources, <span class="dictionary">land</span> conservation or historic preservation purposes, and having tax-exempt status as a public charity under the U.S. Internal Revenue Code of 1986, as amended, and having the power to acquire, hold and maintain <span class="dictionary">land</span> and/or interests in <span class="dictionary">land</span> for such purposes.</p></section></text><history>1999, cc. 968, 983; 2005, c. 940.</history><metadata></metadata></law>
