1996 Regular Session

SENATE BILL 73

CHAPTER NUMBER: 367 File Code: Taxes - Miscellaneous
Sponsored By:
Senators Craig and Middleton
Entitled:
Inheritance Tax - Family Farms

Synopsis:

Allowing an elective exemption from the inheritance tax for real property that has qualified for agricultural use assessment for property tax purposes for at least 5 years before the decedent's death and that passes to a person to whom the 1% lineal inheritance tax rate applies; disqualifying the property for the exemption if the property ceases to qualify for farmland assessment for property tax purposes within 15 years after the decedent's death; providing for payment of the tax on disqualification; etc.

Legislative History

Senate Action
10/13
Pre-filed
1/10
First Reading Budget and Taxation
2/7
Hearing 2/23 at 1:00 p.m.
2/14
Hearing cancelled
Hearing 2/23 at 12:00 p.m.
3/11
Favorable with Amendments Report by Budget and Taxation
3/12
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/14
Third Reading Passed (47-0)
4/3
Senate Concur - House Amendment
Third Reading Passed (44-0)
Passed Enrolled
5/14
Signed by the Governor Chapter 367
House Action
3/15
First Reading Ways and Means
3/20
Hearing 3/26 at 1:00 p.m.
4/4
Favorable with Amendments Report by Ways and Means
3/29
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/30
Third Reading Passed with Amendments (134-2)
Sponsored by:
Senator David R. Craig, District 34
Senator Thomas McLain Middleton, District 28
Bill indexed under the following Subjects:
EXEMPTIONS
FARMLAND
FEES -see also- DEVELOPMENT FEES AND TAXES
INHERITANCE TAX
INTEREST
LIENS -see also- MECHANICS' LIENS, SECURITY INTERESTS
PENALTIES
RECORDS -see also- RCDNGS, LAND RCDS, VITAL RCDS; CRIM BKGD.
REGISTERS OF WILLS
Bill affects the following Statutes:
Tax - General
( 7-204 , 7-211 , 7-216 , 7-217 , 7-221 , 13-806 )

Documents:

Bill Text:
First Reading (PDF), Third Reading (PDF), Enrolled (PDF)
Fiscal Note: Available (PDF)

Amendments:
Senate
Number: 378293/1 (PDF) Offered on: MARCH 12, 1996 at: 11:54 Status: Adopted
House
Number: 495127/1 (PDF) Offered on: APRIL 4, 1996 at: 10:51 Status: Adopted