Estate tax; reinstates federal credit amount State would receive payments from deaths. (HB1895)

Introduced By

Del. Vivian Watts (D-Annandale) with support from co-patrons Sen. Chap Petersen (D-Fairfax), and Sen. Patsy Ticer (D-Alexandria)

Progress

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

Description

Estate tax reinstated. Reinstates the federal credit amount so that the Commonwealth would receive payments from those estates of persons dying on or after July 1, 2009. No estate tax would be imposed on a gross estate if the majority of the assets of the total estate were an interest in a closely held business or a working farm. The revenues from the estate tax would first be used for funding staffing standards in nursing homes required to be established under the bill, which staffing standards would require a minimum of direct care services to each resident per 24-hour period. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/13/2009Committee
01/13/2009Prefiled and ordered printed; offered 01/14/09 091190784
01/13/2009Referred to Committee on Finance
01/16/2009Assigned Finance sub: 1
01/25/2009Impact statement from TAX (HB1895)
01/28/2009Subcommittee recommends passing by indefinitely
02/10/2009Left in Finance

Comments

Virginia Interfaith Center for Public Policy, tracking this bill in Photosynthesis, notes:

The Virginia Interfaith Center is monitoring this bill.