Estate tax, and land preservation tax credit; changes in provisions therefor, report. (SB5019)
Introduced By
Sen. John Chichester (R-Fredericksburg) with support from 21 copatrons, whose average partisan position is:
Those copatrons are Del. Vince Callahan (R-McLean), Sen. Harry Blevins (R-Chesapeake), Sen. Chuck Colgan (D-Manassas), Sen. Ken Cuccinelli (R-Fairfax), Sen. Emmett Hanger (R-Mount Solon), Sen. Charles Hawkins (R-Chatham), Sen. Steve Martin (R-Chesterfield), Sen. Ryan McDougle (R-Mechanicsville), Sen. Jay O'Brien (R-Clifton), Sen. Mark Obenshain (R-Harrisonburg), Sen. Russ Potts (R-Winchester), 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. 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
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. Read the Bill »
Status
08/28/2006: enacted
History
| Date | Action |
|---|---|
| 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) |