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2006 SPECIAL SESSION I
HB 5019 Estate tax, and land preservation tax credit; changes in provisions therefor, report.
Introduced by: Vincent F. Callahan, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)
Taxes of the Commonwealth. The bill eliminates the Commonwealth's estate tax for estates of persons who die on or after July 1, 2007.
The bill also makes several changes to the land preservation tax credit, including limiting the amount of tax credits that can be issued in each calendar year to $50 million in calendar year 2007 and $75 million per year beginning with calendar year 2008 and thereafter, and requiring the Department of Conservation and Recreation to register tax credits for purposes of implementation of the calendar year limitation. Effective January 1, 2007, the bill would reduce the tax credit from 50% of the fair market value of the donated land to (i) 40% of the fair market value of the donated land for any land located in the Chesapeake Bay watershed or the seaside of Northampton or Accomack Counties, and (ii) 40% of the fair market value of the donated land, but not to exceed $750,000, for any land located elsewhere in Virginia. The bill also would allow only persons making a qualified donation of land to transfer the related tax credit; however, nonprofits would not be allowed to transfer the tax credit. The bill contains several other provisions relating to the land preservation tax credit.
FULL TEXT
- 06/20/06 House: Presented and ordered printed 069568260 pdf
- 06/28/06 House: Bill text as passed House and Senate (HB5019ER) pdf
- 07/07/06 House: Governor's substitute printed 068173129-H1 pdf
- 08/28/06 House: Reenrolled bill text (HB5019ER2) pdf
- 08/28/06 Governor: Acts of Assembly Chapter text (CHAP0004) pdf
AMENDMENTS
HISTORY
- 06/20/06 House: Presented and ordered printed 069568260
- 06/20/06 House: Referred to Committee on Finance
- 06/20/06 House: Reported from Finance (13-Y 7-N)
- 06/20/06 House: Read first time
- 06/20/06 House: Constitutional readings dispensed (86-Y 0-N)
- 06/20/06 House: VOTE: (86-Y 0-N)
- 06/20/06 House: Motion to pass by floor amendment by Delegate Shuler agreed to (49-Y 39-N)
- 06/20/06 House: VOTE: PASS BY (49-Y 39-N)
- 06/20/06 House: Motion to pass by floor amendments by Delegate Watts agreed to (53-Y 35-N)
- 06/20/06 House: VOTE: PASS BY (53-Y 35-N)
- 06/20/06 House: Motion to pass by floor amendment by Delegate Hull agreed to (54-Y 33-N)
- 06/20/06 House: VOTE: PASS BY (54-Y 33-N)
- 06/20/06 House: Engrossed by House
- 06/20/06 House: Passed House (63-Y 25-N)
- 06/20/06 House: VOTE: PASSAGE (63-Y 25-N)
- 06/20/06 House: Communicated to Senate
- 06/26/06 Senate: Constitutional reading dispensed
- 06/26/06 Senate: Referred to Committee on Finance
- 06/28/06 Senate: Reported from Finance (11-Y 2-N 2-A)
- 06/28/06 Senate: Read second time
- 06/28/06 Senate: Constitutional reading dispensed (35-Y 0-N)
- 06/28/06 Senate: VOTE: (35-Y 0-N)
- 06/28/06 Senate: Passed Senate (24-Y 11-N 2-A)
- 06/28/06 Senate: VOTE: (24-Y 11-N 2-A)
- 06/28/06 House: Bill text as passed House and Senate (HB5019ER)
- 06/28/06 House: Enrolled
- 06/28/06 Senate: Signed by President
- 06/29/06 House: Signed by Speaker
- 07/07/06 House: Governor's substitute printed 068173129-H1
- 07/07/06 House: Governor's recommendation received by House
- 08/28/06 House: Placed on Calendar
- 08/28/06 House: House concurred in Governor's recommendation (91-Y 0-N)
- 08/28/06 House: VOTE: ADOPTION (91-Y 0-N)
- 08/28/06 Senate: Senate concurred in Governor's recommendation (31-Y 2-N 2-A)
- 08/28/06 Senate: VOTE: (31-Y 2-N 2-A)
- 08/28/06 Governor: Governor's recommendation adopted
- 08/28/06 House: Reenrolled
- 08/28/06 House: Reenrolled bill text (HB5019ER2)
- 08/28/06 House: Signed by Speaker as reenrolled
- 08/28/06 Senate: Signed by President as reenrolled
- 08/28/06 House: Enacted, Chapter 4 (effective see bill)
- 08/28/06 Governor: Acts of Assembly Chapter text (CHAP0004)