VirginiaEstate tax; reinstates tax for persons dying on and after July 1, 2024.
What it does
Reinstatement of the estate tax. Reinstates the estate tax for persons dying on and after July 1, 2024. The bill provides that no estate tax shall be imposed on a gross estate if the majority of the assets of the estate are an interest in a closely held business or a working farm.
More detail
The bill designates revenues from the estate tax to be used for early childhood care and education purposes.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2024
- Nov 18Left in FinanceLatest
- Feb 7Continued to 2025 with substitute in Finance (Voice Vote)
- Feb 7Committee substitute posted to LIS only 24107085D-H1
- Feb 5Subcommittee recommends continuing to 2025 with substitute (7-Y 0-N)
- Vote recorded Continued with substitution(s). Result: pass.Lower
- Feb 5House subcommittee amendments and substitutes offered
- Feb 3Impact statement from TAX (HB1414)
- Feb 2Assigned Finance sub: Subcommittee #3Minor
- Jan 17Referred to Committee on FinanceMinor
- Jan 17Presented and ordered printed 24104291DIntroduced