1/26/2012 * The Hook [full story]
In Virginia, tax returns are so sacred that a section of code forbids state officials from revealing individual info– even if those individuals have reaped millions of dollars for their land from state taxpayers.
Such was the case of Biscuit Run, where developers attempted to parlay a dubious $88-million appraisal– practically double the land's $46.2-million boom-time purchase price– into a bail-out for the underwater development by re-purposing the land as a state park and taking $11.7 million in tax credits atop the $9.8 million sales price, all aided by a Virginia law that shrouds the details from public scrutiny.
It was only a leaked appraisal that allowed the public to see how Biscuit Run's former owner, Forest Lodge LLC, was attempting to recoup its losses at taxpayer expense. And with Virginia's land conservation easement program, which has been called the most generous in the country, handing out over $100 million a year to landowners, the potential for abuse is significant.

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