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retirees from $12,000 to $18,000. I was one of only two who voted in favor of this bill. So, the bill was killed. I later found out the State Tax Department objected to this bill because no one knows for sure to what extent the revenue of Virginia will be effected when most of our inheritance taxes will be abolished in 1980. I still felt that Virginia’s economy and continued growth will be enough to offset Cranwell’s bill. So we will have to wait and see.
Another bill killed was SB No. 71. Senator Hopkins of Roanoke was the patron and it is part of the Hopkins report to revamp the state agencies. This bill was to change the taxing of public utilities from the SCC to the Department of Taxation. All pros and cons were put forth at this particular meeting. There were a half dozen lobbyists in favor of the change and one or two against. It was a two hour meeting with plenty of maneuvering for the proponents. It was finally killed eight to seven. My reason for voting against it was the same as in the General Assembly. All utilities have their rate changes before the SCC each year and the decision on rate increases by the SCC is based on the cost to operate each utility.
One of the expense items is the amount of taxes they pay. The Department of Taxation had indicated they would probably raise the taxes if the transfer to them was made. Who do you think would pay the cost of those raised taxes? You and I, of course, because the utility would simply convince the SCC that their higher taxes were a reason for a rate increase. We do not need any more reasons for raising our utility bills. It is true our counties would have received more revenue had the change been made, but even if the counties had reduced our real estate taxes (which is highly unlikely) the difference would have been more than made up by increases in the various utility bills to the hard pressed consumer.
In a couple of weeks I will have information regarding subcommittee work and the outcome of the hearing on November 16th at Leesburg Court House on the Land Use Bill.
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