Summary: Reinstatement of the estate tax. Reinstatesthe estate tax for persons dying on and after July 1, 2021. The billprovides that no estate tax shall be imposed on a gross estate ifthe majority of the assets of the estate are an interest in a closelyheld business or a working farm. The bill designates revenues fromthe estate tax to be used for health care purposes.

Summary: Retail sales and transient occupancy taxes onroom rentals; Destination Marketing Fund created. Provides that retail sales and hotel taxes on transient room rentals shall becomputed on the basis of the total charges or the total price paidfor the use or possession of the room. For those cases in which ahotel or similar establishment contracts with an intermediary to facilitate the sale of the room and the intermediary charges the customerfor the room and such facilitation efforts, the bill requires theintermediary to separately state the taxes on the bill or invoiceprovided to the customer and to collect the taxes based upon thetotal charges or the total price paid for the use or possession ofthe room. The bill provides that tax revenue attributable to thecharge for the service provided by the intermediary, whether accruingto the state or a locality, shall be dedicated to destination marketing.The funds accruing to the state shall be deposited into the DestinationMarketing Fund, created in the bill. Half of such funds shall bedistributed by the Virginia Tourism Authority in the form of grantsto local tourism authorities and the other half shall be expendedby the Authority.

Summary: Income tax; subtraction for low-income military veterans with a permanent service-connected disability. Provides an income tax subtraction for the military retirement income received by a veteran who has been rated with a 100 percent service-connected, permanent, and total disability for taxable years on and after January 1, 2021. The bill provides that the subtraction is available only to those taxpayers whose federal adjusted gross income is not greater than 150 percent of the federal poverty level for a four-person household.