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 »

Status

01/06/2020: Awaiting a Vote in the Finance Committee

History

DateAction
01/06/2020Committee
01/06/2020Prefiled and ordered printed; offered 01/08/20 20104337D
01/06/2020Referred to Committee on Finance

Comments

Anonymous voter writes:

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.

Lindsey Lee writes:

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.

Steve Smith writes:

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?

Lindsey Lee writes:

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!

anonymous writes:

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.

Unanimous writes:

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.

Sharon keefe writes:

NO. This is unnecessary and unacceptable.

Debbie Dear writes:

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!!!!

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