Estate tax; conformity of state and federal statutes. (SB504)
Introduced By
Sen. Tommy Norment (R-Williamsburg) with support from 23 copatrons, whose average partisan position is:
Those copatrons are Sen. Brandon Bell (R-Roanoke), Sen. Harry Blevins (R-Chesapeake), Sen. Chuck Colgan (D-Manassas), Sen. Ken Cuccinelli (R-Fairfax), Sen. Jeannemarie Devolites Davis (R-Vienna), Sen. Emmett Hanger (R-Mount Solon), Sen. Charles Hawkins (R-Chatham), Sen. Edd Houck (D-Spotsylvania), Sen. Ryan McDougle (R-Mechanicsville), Sen. Steve Newman (R-Forest), Sen. Jay O'Brien (R-Clifton), Sen. Mark Obenshain (R-Harrisonburg), Sen. Phil Puckett (D-Tazewell), Sen. Fred Quayle (R-Suffolk), Sen. Nick Rerras (R-Norfolk), Sen. Roscoe Reynolds (D-Martinsville), Sen. Frank Ruff (R-Clarksville), Sen. Ken Stolle (R-Virginia Beach), Sen. Walter Stosch (R-Glen Allen), Sen. Frank Wagner (R-Virginia Beach), Sen. William Wampler (R-Bristol), Sen. John Watkins (R-Midlothian), Sen. Martin Williams (R-Newport News)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Estate tax. Provides that for deaths occuring on or after December 31, 2006, a tax in the amount of the federal credit shall be imposed on the taxable estate of a resident whose gross estate exceeds $10 million. However, the tax will not be imposed on an estate if the majority of the assets are an interest in a closely-held business or a working farm. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/11/2006 | Prefiled and ordered printed; offered 01/11/06 067012780 |
01/11/2006 | Referred to Committee on Finance |
01/29/2006 | Fiscal impact statement from TAX (SB504) |
02/14/2006 | Reported from Finance with substitute (13-Y 2-N) |
02/15/2006 | Committee substitute printed 069224712-S1 |
02/15/2006 | Constitutional reading dispensed (38-Y 0-N) |
02/15/2006 | VOTE: (38-Y 0-N) |
02/16/2006 | Read second time |
02/16/2006 | Reading of substitute waived |
02/16/2006 | Committee substitute agreed to 069224712-S1 |
02/16/2006 | Engrossed by Senate - committee substitute SB504S1 |
02/17/2006 | Read third time and passed Senate (35-Y 4-N) |
02/17/2006 | VOTE: (35-Y 4-N) |
02/17/2006 | Communicated to House |
02/17/2006 | Fiscal impact statement from TAX (SB504S1) |
02/20/2006 | Placed on Calendar |
02/20/2006 | Read first time |
02/20/2006 | Referred to Committee on Finance |
02/27/2006 | Reported from Finance with substitute (21-Y 1-N) |
02/27/2006 | Committee substitute printed 067381780-H1 |
02/28/2006 | Read second time |
03/01/2006 | Read third time |
03/01/2006 | Committee substitute agreed to 067381780-H1 |
03/01/2006 | Engrossed by House - committee substitute SB504H1 |
03/01/2006 | Passed House with substitute (92-Y 6-N) |
03/01/2006 | VOTE: PASSAGE (92-Y 6-N) |
03/01/2006 | House substitute rejected by Senate (4-Y 35-N) |
03/01/2006 | VOTE: (4-Y 35-N) |
03/01/2006 | House insisted on substitute |
03/01/2006 | House requested conference committee |
03/01/2006 | Senate acceded to request (36-Y 0-N) |
03/01/2006 | VOTE: (36-Y 0-N) |
03/01/2006 | Conferees appointed by Senate |
03/01/2006 | Senators: Norment, Chichester, Howell |
03/01/2006 | Conferees appointed by House |
03/01/2006 | Delegates: Tata, Ware, R.L., Johnson |
03/11/2006 | No further action taken |
03/11/2006 | Failed to pass in Senate |