|Posted:||April 20, 2021 09:57 AM|
|From:||Representative Jack Rader, Jr.|
|To:||All House members|
|Subject:||Estate Tax Exemption for Military Members|
|In the near future, I plan to introduce legislation that will provide an exemption from the Inheritance Tax for property that is transferred from the estate of a military member who has died as a result of an injury or illness suffered while serving on active duty.
Our military members are true heroes, risking their lives on a daily basis by fighting to protect the freedoms that we have and enjoy. When the unthinkable happens, a tremendous void is left in the lives of their families and close friends. Not only must they deal with unfathomable pain, there may be burdensome tax liabilities as well, for if these military members had an estate here in the Commonwealth, the family members or close are left with an Inheritance Tax assessment that, in some cases, must be paid with funds the family or friends do not have.
To aid in these difficult times and alleviate an unnecessary burden, my legislation will provide an exemption from Inheritance Tax for property that is transferred from the estate of a military that has succumbed to an injury or illness suffered while on active duty, ensuring that instead of worrying about a tax liability, the family and friends of the military member can continue the arduous mourning process.
Please join me in supporting this important piece of legislation.
Introduced as HB1342