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August 28, 2006
Statement of House Speaker William J. Howell
Regarding Final Approval of HB 5019, Death Tax Repeal & Open Spaces Preservation
Contact: G. Paul Nardo
(804)698-1228
RICHMOND, VA Virginia House of Delegates Speaker William J. Howell (R-Stafford) today issued the following statement following the approval by the House of the Governor's Amendments to HB 5019:
"Today, we have wisely gained an additional advantage in maintaining our "Best State for Business" ranking, which was recently bestowed upon Virginia by Forbes.com. Repealing unfair taxes and improving our regulatory framework are precisely the kind of positive state tax and regulatory actions enacted over the past decade and more that enabled our Commonwealth to garner this latest accolade.
"Virginia took important steps forward, toward aiding family-owned businesses and farms and toward protecting its environment.
"With the approval of the Governor's Amendments to House Bill 5019, Virginia's Death Tax, which has for too long unfairly targeted small, family-owned business and farms, is now on a course toward abolition. The approval of HB 5019 brings a struggle by independent businesses, small business advocates, and representatives for Virginia's farmers to a successful conclusion.
"While it may have seemed obvious to most Virginians that taxation should end with the cessation of life, the battle to end the death tax has been a lengthy one. Soon, families will no longer have to face the prospect of selling-off business or farms that have added to their livelihoods and served as a source of pride and accomplishment.
"Delegate Tata, who has led the effort to repeal this tax for several years, deserves special commendation for his efforts. In addition, Chairman Callahan and his fellow budget conferees are to be congratulated for their patient and diligent efforts in achieving the repeal of this tax.
"As the patron of legislation in 2002 that significantly improved the protection of our natural heritage and landowner property rights through the Land Preservation Tax Credit, I'm delighted to have the Commonwealth take another positive step forward for the benefit all Virginians. By lessening the ill-conceived restrictions that some wanted placed on the Land Preservation Tax Credit, Virginia can continue to offer this important incentive that aids in protecting the natural beauty of the Commonwealth.
"The Land Preservation Tax Credit has achieved real, measurable results since it was initially enacted, offering evidence that innovative, market-based approaches can successfully address many of the challenges facing the Commonwealth.
As evidenced by the June 20 debate on the passage of HB 5019 as part of the budget agreement with the Senate, House members were loath to restrict this important incentive for environmental protection. I thank the Governor for proposing these amendments, and am confident he shares my satisfaction in seeing them approved today."
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