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2010 SESSION

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SB 714 Estate tax; reinstates federal credit amount.

Introduced by: J. Chapman Petersen | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Estate tax reinstated.  Reinstates the federal credit amount so that the Commonwealth will receive payments from those estates of persons dying on or after July 1, 2010. No estate tax would be imposed on estates valued at $5 million or less, working farms, and closely held businesses. The revenues from the estate tax would be used, as provided in the general appropriation act, to fund community-based programs of area agencies on aging, increase Medicaid reimbursement rates for hospitals or nursing homes that serve indigent seniors, and fund the cost of existing or additional waivers from the U.S. Department of Health and Human Services to authorize the Commonwealth to cover certain health care services and delivery systems for senior citizens as may be permitted by Title XIX of the Social Security Act.

FULL TEXT

• 01/22/10  Senate: Presented and ordered printed 10104056D  pdf | impact statement

HISTORY

• 01/22/10  Senate: Presented and ordered printed 10104056D
• 01/22/10  Senate: Referred to Committee on Finance
• 02/16/10  Senate: Left in Finance