The Commonwealth of Virginia's Ultimate Blog

Tuesday, February 28, 2006

On death and taxes

It looks like HB 40 was modified in Senate Finance today. HB 40 was conformed to the senate bill, SB 504, which will only lift the estate tax for estates over $10 million, or if the estate is primarily composed of a closely held business or working farm. This one is headed for conference.

I can't really expend a lot of emotion on the Virginia estate tax until we see what will be done with the federal tax when it goes back to $1 million threshold in 2011. I'm guessing the federal tax threshold will settle somewhere around $10 million.

Now, what really gets me fired up is HB 568 - the XM radio tax. Like everyone else, I got the XM email this morning. I did the math, and my total telecom tax will go from $9/month to $15/month.

The people who come out ahead on this one have POTS, traditional cable, and no XM. People who have DirecTV, VoIP, and/or XM, or who are in low tax localities, are going to pay more.


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