Letter: Virginia Farm Bureau Supports HB/SB5019

Dear General Assembly Member:

On behalf of the more than 38,000 Virginia Farm Bureau producer members, I would encourage you to vote to accept the Governor's amendments on HB/SB5019. The full repeal of the estate tax, as well as maintaining the land preservation tax credit, are vitally important issues to the farming community in Virginia.

HB/SB5019 calls for the full repeal of the Virginia estate tax. Full repeal of the estate tax will help relieve the financial burden placed on Virginia's farming community 98 percent of Virginia's farms are family-owned, totaling 48,000 farms whose assets are tied to the land they harvest. Expensive tax and business planning efforts further deplete agricultural assets. This bill would relieve pressure on an already burdened industry.

HB/SB5019 also addressed the land preservation tax credit. This tax credit is quickly becoming an effective way for farmers to protect their land and stay in business. While we feel this program is working in its current form, the governor's amendments will help the program continue and move this important piece of legislation forward.

As you reconsider the merits of the bill, we hope you will support the amended version of HB/SB5019.

Sincerely,



Martha Moore
Director of Governmental Relations