SB5019: Estate tax, and land preservation tax credit; changes in provisions therefor, report.

Chief Patron

John Chichester (R-28)
Served: 1978–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

08/28/2006: enacted

View Entire History

06/19/2006 Presented and ordered printed 068169712
06/19/2006 Referred to Committee on Finance
06/19/2006 Reported from Finance (11-Y 0-N 2-A)
06/19/2006 Read first time
06/19/2006 Engrossed by Senate
06/19/2006 Constitutional reading dispensed (32-Y 0-N 2-A)
06/19/2006 VOTE: (32-Y 0-N 2-A)
06/19/2006 Passed Senate (24-Y 9-N 2-A)
06/19/2006 VOTE: (24-Y 9-N 2-A)
06/20/2006 Placed on Calendar
06/20/2006 Read first time
06/20/2006 Referred to Committee on Finance
06/20/2006 Tabled in Finance
06/28/2006 Reconsidered by Finance
06/28/2006 Reported from Finance (13-Y 4-N)
06/28/2006 Constitutional reading dispensed (88-Y 0-N)
06/28/2006 VOTE: CONSTITUTIONAL READING (88-Y 0-N)
06/28/2006 Read third time
06/28/2006 Floor substitute printed 067388544-H1 ( Watts)
06/28/2006 Motion to pass by substitute offered by Delegate Watts agreed to (50-Y 37-N)
06/28/2006 VOTE: PASS BY (50-Y 37-N)
06/28/2006 Floor substitute printed 067389544-H2 (Armstrong)
06/28/2006 Motion to pass by substitute offered by Delegate Armstrong agreed to (48-Y 38,B"
06/28/2006 VOTE: PASS BY (48-Y 38-N)
06/28/2006 Passed House (66-Y 22-N)
06/28/2006 VOTE: PASSAGE (66-Y 22-N)
06/28/2006 Bill text as passed Senate and House (SB5019ER)
06/28/2006 Enrolled
06/28/2006 Signed by President
06/29/2006 Signed by Speaker
07/07/2006 Governor's substitute printed 068172129-S1
07/07/2006 Governor's recommendation received by Senate
08/28/2006 Placed on Calendar
08/28/2006 Senate concurred in Governor's recommendation (32-Y 1-N 2-A)
08/28/2006 VOTE: (32-Y 1-N 2-A)
08/28/2006 Reconsideration of Governor's recommendation agreed to (35-Y 0-N)
08/28/2006 VOTE: (35-Y 0-N)
08/28/2006 Senate concurred in Governor's recommendation (31-Y 2-N 2-A)
08/28/2006 VOTE: (31-Y 2-N 2-A)
08/28/2006 House concurred in Governor's recommendation (71-Y 0-N)
08/28/2006 VOTE: ADOPTION (71-Y 0-N)
08/28/2006 Reconsideration of Governor's recommendation agreed to
08/28/2006 House concurred in Governor's recommendation (88-Y 0-N)
08/28/2006 VOTE: ADOPTION #2 (88-Y 0-N)
08/28/2006 G Governor's recommendation adopted
08/28/2006 Reenrolled
08/28/2006 Reenrolled bill text (SB5019ER2)
08/28/2006 Signed by President as reenrolled
08/28/2006 Signed by Speaker as reenrolled
08/28/2006 Enacted, Chapter 5 (effective see bill)
08/28/2006 G Acts of Assembly Chapter text (CHAP0005)

Summary

Taxes of the Commonwealth. The bill eliminates the Commonwealth's estate tax for estates of persons who die on or after July 1, 2007.

The bill also makes several changes to the land preservation tax credit, including limiting the amount of tax credits that can be issued in each calendar year to $50 million in calendar year 2007 and $75 million per year beginning with calendar year 2008 and thereafter, and requiring the Department of Conservation and Recreation to register tax credits for purposes of implementation of the calendar year limitation. Effective January 1, 2007, the bill would reduce the tax credit from 50% of the fair market value of the donated land to (i) 40% of the fair market value of the donated land for any land located in the Chesapeake Bay watershed or the seaside of Northampton or Accomack Counties, and (ii) 40% of the fair market value of the donated land, but not to exceed $750,000, for any land located elsewhere in Virginia. The bill also would allow only persons making a qualified donation of land to transfer the related tax credit; however, nonprofits would not be allowed to transfer the tax credit. The bill contains several other provisions relating to the land preservation tax credit. View Full Text »

Identical Bills

The following bills are identical to this one: HB5019

Patron: Vince Callahan
Introduced: 2006-06-20
Status: Signed into Law

Poll Results

No Richmond Sunlight visitors voted on this bill while voting was open.

Bill Text

Keep track of the status of this bill as it moves through the General Assembly — subscribe via RSS.

RichmondSunlight