Estate tax; reinstatement. (HB736)
Introduced By
Del. Vivian Watts (D-Annandale)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Estate tax; reinstatement. Reinstates the estate tax for persons dying on and after July 1, 2020. No estate tax shall be imposed on a gross estate if the majority of the assets of the estate are an interest in a closely held business or a working farm. The bill designates revenues from the estate tax to be used for health care purposes. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/06/2020 | Committee |
| 01/06/2020 | Prefiled and ordered printed; offered 01/08/20 20104337D |
| 01/06/2020 | Referred to Committee on Finance |
| 01/23/2020 | Assigned Finance sub: Subcommittee #3 |
| 01/23/2020 | Impact statement from TAX (HB736) |
| 01/24/2020 | Subcommittee recommends continuing to 2021 |
| 01/29/2020 | Continued to 2021 in Finance |
Comments
This bill is a bad idea.
It would impose an unusually large estate tax for a U.S. state, kicking in at unusually low levels. That could drive elderly people out of the state.
Estate taxes should only be applied to really rich people. This tax would affect middle-class people, especially in Northern Virginia where houses cost a lot.
It's tied to tax rates on January 1, 1978, around the time when the estate tax hit the highest number of middle-class people in America's history.
That's unfair.
OF UTMOST IMPORTANCE TO THE PATRON'S CONSTITUENTS, IF YOU OWN YOUR HOME AND IT IS INCLUDED IN YOUR ESTATE THE BILL WOULD IMPOSE AN ESTATE TAX ON A MOST OF THE PROCEEDS FROM THE DISPOSITION OF YOUR HOME. THIS BILL IS VERY RECKLESS AND NOT IN THE BEST INTERSTS OF THE RESIDENTS OF ANYONE LIVING IN THE NORTHERN VIRGINIA AREA.
What is the maximum value of the estate that is exempt from the tax. For example, at the federal level for 2019, the first $11.4M is exempt from tax. What is the threshold for this bill?
Without looking it up again I believe that it is in the area of $136,000. Amazing that Wats would impose such an oppressive tax in such an underhanded and under the table type of way!
this is a horrible idea. if you are going to have an estate tax, put it on the very wealthy. no one will say a thing if you set the threshold at the federal level, but if you leave it at a low threshold, you will will make a lot of older people want to leave the state...with their money...already the talk of taking away 2nd amendment rights and accepting unlimited refugees is making people think of retiring elsewhere. don't add to Virginian's worries. think about their happiness and livelihoods.
Get a Trust. Your children get up to $1 thousand dollars tax free. Nothing goes into probate. Designate a child or a family member to be in charge of the estate after you and or your spouse passes.
NO. This is unnecessary and unacceptable.
THIS IS AN ABSOLUTELY HORRIBLE IDEA! NO ONE should have to pay death taxes any more. That was done way back to prevent a few rich families from controlling government in the early stages of our country's formation. This is another way to tax people and hurt EVERYONE! NO NO NO NO NO NO NO!!!!