House Finance Committee, Senate Finance Chairman
and Governor Kaine Agree Death Tax Must Go!

Tomorrow HB 40 will be on 2nd Reading of the regular Calendar of the House of Delegates floor session. This is the point at which it can be debated and amended. It will then be scheduled to be voted on for final passage (3rd Reading) on Thursday.

Please let Democrat members of the House who may not have supported the legislation in the past know about Governor Kaine's support for full repeal of the death tax, and remind them of the bipartisan support this measure has received this year to protect small business owners and family farmers.

House Finance Committee Acts & Kaine Reiterates: End Full Death Tax

Panel OKs estate tax repeal, sales tax holidays
By BOB LEWIS, AP Political Writer
Monday, January 30, 2006

RICHMOND, Va. - The tax-writing House Finance Committee gave overwhelming approval Monday to tax-relief measures that would end the posthumous levy on the estates of millionaires and briefly exempt back-to-school purchases each summer from sales taxes

"We're already seeing Virginians move their domiciles to other states because of the estate tax policy here," Kaine said. Then he illustrated his point with a hockey allegory.

"It's as Wayne Gretzky says, `You don't skate to where the puck is, you skate to where it's going.'"

Click here for the article

Senator Chichester and Delegate Tata on Death Tax:
Now is the time to end this unfair tax!

Measures would give breaks for school supplies, inheritances

By WARREN FISKE AND CHRISTINA NUCKOLS, The Virginian-Pilot
Sunday, January 29, 2006

RICHMOND - Although proposals to increase taxes to build roads are generating all the buzz on Capitol Square this year, two significant plans to cut them are gaining momentum in the General Assembly. The House Finance Committee on Monday is expected to approve measures that would establish a three-day back-to-school sales tax holiday in August and eliminate the "death tax" on estates worth $2 million or more

"There's a time and a place for everything, and I think the time is right for it to pass," Chichester said. "We can afford it, and it's been on our front burner for a long time. It's just the fair thing to do. People who accumulate wealth have their own farms and assets they want to pass on to their families."

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Current Death Tax Repeal Legislation

HB 40 Estate tax; conformity of state and federal statutes.
Robert Tata
Status:

01/30/06 House: Reported from Finance with substitute (18-Y 2-N)

SB 504 Estate Tax
Thomas K. Norment, Jr.
Full text:
01/11/06 Senate: Prefiled and ordered printed; offered 01/11/06 067012780
Status:
1/11/2006 Senate: Referred to Committee on Finance House Finance Committee Acts & Kaine Reiterates: End Full Death Tax

Virginians for Death Tax Repeal Website

The Virginians for Death Tax Repeal website has been updated. There is a new feature that will help supporters of repeal contact their legislators to voice their support for full repeal of Virginia's Death Tax. Visit www.deathtaxrepeal.com today to check out the new feature.

Visit our updated website to learn more about how the Death Tax impacts family farmers, business owners and economic growth, visit www.deathtaxrepeal.com

• January 20, 2006