SEARCH SITE

Search FAQs

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2004 SPECIAL SESSION I

  • | print version

HB 5004 Tax reform; change in prov. for pass -through entities, state tax, corporate income & cigarette tax.

Introduced by: Vivian E. Watts | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Omnibus tax bill. Makes changes regarding information reporting by pass-through entities, and taxation of estates, corporations and cigarettes as follows:

Estate tax: Eliminates the estate tax on estates valued at $10 million or less and where the majority of the estate assets are an interest in a closely held business or a working farm, effective January 1, 2006.

Corporate income tax: Tightens certain corporate income tax provisions (Delaware holding companies) and increases the corporate income tax rate from 6 percent to 7 percent.

Pass-through entities: Requires information reporting to the Department of Taxation.

Cigarette tax: Increases the state cigarette tax to 25 cents per pack.


FULL TEXT

HISTORY