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2005 SESSION

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HB 1874 Estate tax; conformity of state and federal statutes.

Introduced by: Ryan T. McDougle | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Estate tax.  Conforms the amount of Virginia estate tax due from an estate to the maximum amount of the federal estate tax credit for state estate taxes, as permitted under federal estate tax law, as such law shall be amended from time to time. Under current law the amount of Virginia estate tax cannot be less than the federal credit under federal law as such law existed on January 1, 1978.  Because under current federal law there is no state estate tax credit, the bill eliminates the current Virginia estate tax.


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