Bill Type
Congress Name
Long Title
AN ACT IMPOSING A LAND CONVERSION TAX, AMENDING FOR THE PURPOSE THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
Date filed
July 24, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 1374, 12th Congress of the Republic | |
| FULL TITLE : AN ACT IMPOSING A LAND CONVERSION TAX, AMENDING FOR THE PURPOSE THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED | |
| ABSTRACT : This bill seeks to impose a tax on all agricultural lands converted into non-agricultura l uses based on the current market value or current zonal value, whichever is higher at the same time of approval of the conversion, provided that, lands declared as critical for food production or established as irrigable or irrigated or have been classified as protected areas for agriculture should be deemed as non-negotiable for conversion. | |
| PRINCIPAL AUTHOR/S : PICHAY, PROSPERO JR. A. | |
| DATE FILED : 2001-07-24 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Lapus (006 ) | 2. Syjuco (041 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-07-30 |
Abstract
This bill seeks to impose a tax on all agricultural lands converted into non-agricultura l uses based on the current market value or current zonal value, whichever is higher at the same time of approval of the conversion, provided that, lands declared as critical for food production or established as irrigable or irrigated or have been classified as protected areas for agriculture should be deemed as non-negotiable for conversion.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.