Some of this update repeats old news, but some have contacted us to ask where legislation repealing Virginia's onerous death tax stands.

On July 7, Governor Tim Kaine announced amendments to HB 5019 and SB 5019 that preserve full repeal of Virginia's estate tax as it passed the General Assembly.

Legislators have generally reacted positively to the Governor's amendments.

A number of the leading members of the coalition advocating repeal of the death tax have endorsed the Governor's amendments. The Governor's amendments ONLY impact provisions of the open space conservation easement tax credit program and leave intact full repeal of the death tax.

Specifically, among other changes to the open space program, the amendments increase the proposed cap on land conservation tax credits from $75 million per year to $100 million per year.

We appreciate the bi-partisan leadership from the House, Senate and the Governor on this issue.

The next step in the legislative process calls for the General Assembly to reconvene in order to address the amendments offered by the Governor.

It is uncertain when the legislature will return to Richmond for this purpose. It may be as late as September before final action takes place, though we hope it will take place sooner.

If the General Assembly accepts Governor Kaine's amendments to the open space program, the death tax will be repealed effective July 1, 2007.

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 www.deathtaxrepeal.com.