Bulletin Number
VTB 87-6
Tax Type
Corn Excise Tax
Estate Tax
Soybean Excise Tax
Tax on Wills and Administrations
Description
1987 Legislative Changes: Miscellaneous Taxes
Topic
Reports
Date Issued
06-01-1987
Virginia Tax Bulletin
Virginia Department of Taxation
87-6
DATE: June 1, 1987
SUBJECT: 1987 Legislative Changes to Miscellaneous Taxes
Corn Assessment
House Bill 1375 (Chapter 476) amends Va. Code §§ 3.1-1043 and 3.1-1044 to expand the definition of a "handler" required to deduct the corn assessment from payments to a farmer or producer of corn. "Handler" now includes any person, public or private corporation, the Federal Commodity Credit Corporation, or any association or partnership buying, accepting for shipment, or otherwise acquiring property in corn from a producer. A mortgagee, pledgee, lienor, or other person, public or private, will also be considered to be a "handler" when the actual or constructive possession of corn is taken as part payment or in satisfaction of a mortgage, pledge, lien, or claim against the producer. The act also authorizes the Virginia Corn Board to enter into an agreement with the Federal Commodity Credit Corporation to collect the assessment. Effective Date: July 1, 1987.
Estate Tax
House Bill 1442 (Chapter 373) amends Va. Code § 58.1-908 to provide that an automatic lien will no longer arise against the property of a nonresident decedent for unpaid Virginia Estate Tax. A lien will arise only after the department records a memorandum in the circuit court of the locality in which property is located, in the same manner as for residents. Effective Date: July 1, 1987.
Soybean Assessment
House Bill 1375 (Chapter 476) amends Va. Code §§ 3.1-1043 and 3.1-1044 to expand the definition of a "handler" required to deduct the soybean assessment from payments to a farmer or producer of soybeans. "Handler" now includes any person, public or private corporation, the Federal Commodity Credit Corporation, or any association or partnership buying, accepting for shipment, or otherwise acquiring property in soybeans from a producer. A mortgagee, pledgee, lienor, or other person, public or private, will also be considered to be a "handler" when the actual or constructive possession of soybeans is taken as part payment or in satisfaction of a mortgage, pledge, lien, or claim against the producer. The act also authorizes the Virginia Soybean Board to enter into an agreement with the Federal Commodity Credit Corporation to collect the assessment. Effective Date: July 1, 1987.
Tax on Wills and Administration (Probate)
Senate Bill 600 (Chapter 234) amends Va. Code § 26-12.3 to raise the minimum estate subject to the probate tax from $500 to $5,000. Effective Date: July 1, 1987.
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