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2006 SESSION

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SB 504 Estate tax; conformity of state and federal statutes.

Introduced by: Thomas K. Norment, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Estate tax. Provides that for deaths occuring on or after December 31, 2006, a tax in the amount of the federal credit shall be imposed on the taxable estate of a resident whose gross estate exceeds $10 million. However, the tax will not be imposed on an estate if the majority of the assets are an interest in a closely-held business or a working farm.

FULL TEXT

• 01/11/06  Senate: Prefiled and ordered printed; offered 01/11/06 067012780  pdf | impact statement
• 02/15/06  Senate: Committee substitute printed 069224712-S1  pdf | impact statement
• 02/27/06  House: Committee substitute printed 067381780-H1  pdf

HISTORY

• 01/11/06  Senate: Prefiled and ordered printed; offered 01/11/06 067012780
• 01/11/06  Senate: Referred to Committee on Finance
• 02/14/06  Senate: Reported from Finance with substitute (13-Y 2-N)
• 02/15/06  Senate: Committee substitute printed 069224712-S1
• 02/15/06  Senate: Constitutional reading dispensed (38-Y 0-N)
• 02/15/06  Senate: VOTE: (38-Y 0-N)
• 02/16/06  Senate: Read second time
• 02/16/06  Senate: Reading of substitute waived
• 02/16/06  Senate: Committee substitute agreed to 069224712-S1
• 02/16/06  Senate: Engrossed by Senate - committee substitute SB504S1
• 02/17/06  Senate: Read third time and passed Senate (35-Y 4-N)
• 02/17/06  Senate: VOTE: (35-Y 4-N)
• 02/17/06  Senate: Communicated to House
• 02/20/06  House: Placed on Calendar
• 02/20/06  House: Read first time
• 02/20/06  House: Referred to Committee on Finance
• 02/27/06  House: Reported from Finance with substitute (21-Y 1-N)
• 02/27/06  House: Committee substitute printed 067381780-H1
• 02/28/06  House: Read second time
• 03/01/06  House: Read third time
• 03/01/06  House: Committee substitute agreed to 067381780-H1
• 03/01/06  House: Engrossed by House - committee substitute SB504H1
• 03/01/06  House: Passed House with substitute (92-Y 6-N)
• 03/01/06  House: VOTE: PASSAGE (92-Y 6-N)
• 03/01/06  Senate: House substitute rejected by Senate (4-Y 35-N)
• 03/01/06  Senate: VOTE: (4-Y 35-N)
• 03/01/06  House: House insisted on substitute
• 03/01/06  House: House requested conference committee
• 03/01/06  Senate: Senate acceded to request (36-Y 0-N)
• 03/01/06  Senate: VOTE: (36-Y 0-N)
• 03/01/06  Senate: Conferees appointed by Senate
• 03/01/06  Senate: Senators: Norment, Chichester, Howell
• 03/01/06  House: Conferees appointed by House
• 03/01/06  House: Delegates: Tata, Ware, R.L., Johnson
• 03/11/06  Senate: No further action taken
• 03/11/06  Senate: Failed to pass in Senate