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2005 SESSION

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HB 2750 Estate tax; exemptions for closely held businesses or working farms.

Introduced by: Franklin P. Hall | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Estate Tax.  Exempts from tax certain estates if a majority of the assets of the total estate are represented by an interest in a closely held business or a working farm as defined in the act. Also, the bill exempts estates of less than $10 million. Estates in excess of $10 million would pay a tax of only 75 percent of the amount of the federal estate tax credit.

FULL TEXT

• 01/12/05  House: Presented & ordered printed 050707312  pdf | impact statement

HISTORY

• 01/12/05  House: Presented & ordered printed 050707312
• 01/12/05  House: Referred to Committee on Finance
• 01/24/05  House: Incorporated by Fin. (HB1490-Tata) (22-Y 0-N)