Today, Governor Tim Kaine announced amendments to HB 5019 and SB 5019 that would keep intact full repeal of Virginia's estate tax as it passed the legislature last week.
The Governor's amendments to the bill include technical changes not affecting repeal of the death tax, and more significantly increase the proposed cap on land conservation tax credits from $75 million per year to $100 million per year. These amendments have been met with support from some in the conservation community who had opposed earlier versions of the cap on the tax credits.
The Governor's action demonstrates his continued commitment to repeal the unfair death tax. We appreciate the bipartisan support from the legislature as well as Governor Kaine's leadership on this issue, and we congratulate him and legislative leaders like Speaker Bill Howell, Senator Tommy Norment, Delegate Bob Tata, Senator Walter Stosch, Delegate Kirk Cox, Senator Edd Houck and so many others on their ability to fulfill a pledge to repeal this onerous tax.
The next step in the legislative process will be for the General Assembly to reconvene in order to address the amendments offered by the Governor. It is unclear when they will reconvene to vote on these amendments, although a pro-forma session is scheduled for the House and Senate July 24.
If the General Assembly accepts Governor Kaine's amendments, the death tax will be repealed effective July 1, 2007.
If the General Assembly rejects the Governor's amendments, the Governor will have seven days to either sign the bill repealing the death tax in to law or he can veto it.
Accepting the Governor's amendments is the easiest, fastest and surest way to ensure Virginia repeals the death tax in 2007.
Accepting the Governor's amendments will ensure full repeal of the estate tax.
We will provide additional updates as they become available.
Thank you for your continued support of efforts to repeal Virginia's death tax.
For more information on repealing Virginia's death tax please visit our website at www.deathtaxrepeal.com.
