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

Bill Has Failed

History

DateAction
01/11/2006Prefiled and ordered printed; offered 01/11/06 067012780
01/11/2006Referred to Committee on Finance
01/29/2006Fiscal impact statement from TAX (SB504)
02/14/2006Reported from Finance with substitute (13-Y 2-N)
02/15/2006Committee substitute printed 069224712-S1
02/15/2006Constitutional reading dispensed (38-Y 0-N)
02/15/2006VOTE: (38-Y 0-N)
02/16/2006Read second time
02/16/2006Reading of substitute waived
02/16/2006Committee substitute agreed to 069224712-S1
02/16/2006Engrossed by Senate - committee substitute SB504S1
02/17/2006Read third time and passed Senate (35-Y 4-N)
02/17/2006VOTE: (35-Y 4-N)
02/17/2006Communicated to House
02/17/2006Fiscal impact statement from TAX (SB504S1)
02/20/2006Placed on Calendar
02/20/2006Read first time
02/20/2006Referred to Committee on Finance
02/27/2006Reported from Finance with substitute (21-Y 1-N)
02/27/2006Committee substitute printed 067381780-H1
02/28/2006Read second time
03/01/2006Read third time
03/01/2006Committee substitute agreed to 067381780-H1
03/01/2006Engrossed by House - committee substitute SB504H1
03/01/2006Passed House with substitute (92-Y 6-N)
03/01/2006VOTE: PASSAGE (92-Y 6-N)
03/01/2006House substitute rejected by Senate (4-Y 35-N)
03/01/2006VOTE: (4-Y 35-N)
03/01/2006House insisted on substitute
03/01/2006House requested conference committee
03/01/2006Senate acceded to request (36-Y 0-N)
03/01/2006VOTE: (36-Y 0-N)
03/01/2006Conferees appointed by Senate
03/01/2006Senators: Norment, Chichester, Howell
03/01/2006Conferees appointed by House
03/01/2006Delegates: Tata, Ware, R.L., Johnson
03/11/2006No further action taken
03/11/2006Failed to pass in Senate