93 Delegates Vote to Repeal Death Tax

RICHMOND The House of Delegates advanced tax relief for thousands of family owned businesses and farms today by endorsing Delegate Bob Tata's legislation to repeal Virginia's estate tax in 2007. The 93-7 vote sends a strong message of the bipartisan support this measure has generated this year. The bill (HB 40) will now be sent to the Senate of Virginia for their consideration.

The House Republican Caucus last summer endorsed full repeal of the death tax and helped lead the bi-partisan House effort. While the legislation has always had bipartisan support, this year's vote was nearly unanimous.

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In The News

It's time for Virginia to bump off the death tax--once and for all
Joe Wilson, Op-Ed
Free Lance-Star 2/2/2006

VIRGINIA'S legislature has a remarkable opportunity this session. With a governor in office now supporting full repeal of the state's death tax, legislators can make Virginia a better business state by driving a stake through this harmful double tax once and for all. Click here to read more...

Death Tax
Michael Hardy, Capital Reporter
Richmond Times-Dispatch 2/2/2006

On another issue, the House overwhelmingly supported a measure to repeal the state's tax on estates over $2 million.

Del. Robert Tata, R-Virginia Beach, said the elimination of the "death tax" would benefit people who inherit small businesses, farms or real estate.

"Thirty-four other states have eliminated it, and even Maryland is considering it," Tata said in an interview.

Existing law hinders job creation, he said, and forces the exodus of some wealthy individuals from Virginia. "It's an onerous and unfair tax" on small-business owners and farmers, he said.

Kaine has indicated support for the measure. It was vetoed by his predecessor, Gov. Mark R. Warner, in 2003. If it becomes law, it would affect the estates of those who die on Jan. 1, 2007, or later. Click here for more...

Current Death Tax Repeal Legislation

HB 40 Estate tax; conformity of state and federal statutes.
Robert Tata
Status:
02/02/06 House: VOTE: PASSAGE (93-Y 7-N)
02/02/06 House: Communicated to Senate

SB 504 Estate Tax
Thomas K. Norment, Jr.
Full text:
01/11/06 Senate: Prefiled and ordered printed; offered 01/11/06 067012780
Status:
1/11/2006 Senate: Referred to Committee on Finance

Virginians for Death Tax Repeal Website

The Virginians for Death Tax Repeal website has been updated. There is a new feature that will help supporters of repeal contact their legislators to voice their support for full repeal of Virginia's Death Tax. Visit www.deathtaxrepeal.com today to check out the new feature.

Visit our updated website to learn more about how the Death Tax impacts family farmers, business owners and economic growth, visit www.deathtaxrepeal.com