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14 Va. B. News 1 (1966)

handle is hein.barjournals/valaw0014 and id is 1 raw text is: >Virginia Bar News Vol. XIV, No. I JANUARY, 1966 Richmond, Virginia A PROGRAM FOR SUBSTANTIVE REFORM OF THE VIRGINIA INCOME, GIFT AND INHERITANCE TAX LAWS REPORT OF JOINT TAX COMMITTEE OF VSB AND VSBA I. Introduction The 1966 General Assembly is destined to face the most important decision in the history of Virginia's tax system: whether or not Vir- ginia should turn to a general state sales tax as a primary source of revenue for the state and its lucalities. At present, the basic sources of state tax revenues are the income. inheritance and gift taxes.* For the taxable year 1963, 1,278,868 individuals filed income tax returns representing $113.4 million in income taxes; and in fiscal 1965, 16,602 corporations were assessed $40 million; 11,350 inheritance tax returns were filed and 5,936 assessments brought in $6.1 mil- lion to the state-; 927 gift tax assessments brought in another $350,585. STATE LEADERS FOR THE NEXT FOUR YEAES-MENES OF THE BAR. Hon. Mills E. Godwin, Jr., Governor, brouht i anoher 350,85.Non. Fred 0. Pollard, Uoutonant-Governor, and Hon. Robert Y. Button, Attorney General, took the oath of At the time a state sales tax is adopted, great office at inaugural ceremonies on Saturday, Jaruar 15, 1965, in Richmond (Godwin center, 1. to r. Pollard pressures will be brought to bear for tax reform and Button). to relieve many groups from oppressive ard VSB COMMITTEE ON RULES AND REGULATIONS antiquated tax burdens, but to date, few specik ECONOMICS OF'LAW GOVERNING THE FUNCTIONS proposals have been made in the areas of oasic PRACTICE REQUEST COMMENTS AND OPERATION OF tax structures; namely, in the income, inheri- ON BAR-RELATED INSURANCE LEGAL AID SOCIETIES tance and gift tax fields. tacean if txfild.A preliminary report of the Committee on IN VIRGINIA 1I. the Economics of Law Practice concerning In compliance with Chapter 47 of the Acts Background bar-related title insurance was recently made of the Extria Session of the General Assembly to the Executive Committee of the Coi'ncil of 1956, the Council of the Virginia State Bar Appeals for tax reform in Virginia's basic of the Virginia State Bar. It appears that promulgates the following rules and regulations tax structures date back at least to the 1958 in several states the organized bar has created governing the function and operation of legal VALC report which recommended the repeal an insurance organization whose member aid societies. of the Virginia inheritance and gift taxes and attorneys may issue a title insurance policy 1. The function of a legal aid society is to enactment of an estate tax. These recommenda- when handling a real estate transaction. For furnish advice and assistance in civil and do- *Ina variety of reasons, the insurance cost is mestic relations matters to all members of the 1-d 33scal o9 f tndvtdal taxd dccions (excosie tofx substantially less than that of commercially public who come to it for advice or assistance represe * d 33.4 of total tax collections (exclusive of license ..es) paid into the Treasury; corporate income available title insurance. It is said that this and who are considered to be bona fide in- taxes 9.4%; inheritance taxes 1.4%; gift taxes .08%, or a total of over 44f (gasoline taxes made up 26.2%; franchise and premium taxes, 10%; excise tax on beer and selective sales taxes on tobacco and alcoholic bev- not only erages, 9.8%). benefits of title insurance. Those who have free legal services to the indigent. That obliga- (Continued on page 5) (Con ie (an- H eContinued on page 2) 28th Annual Meeting --i 1966, Hotel Roanoke B34

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