Uniform Principal and Income Act; trustee required to demand certain distributions if requested. (HB2435)

Introduced By

Del. Bill Janis (R-Glen Allen)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Uniform Principal and Income Act (UPIA). Revises the Act to address a 2006 IRS ruling regarding marital deductions to ensure that an IRA or other retirement arrangement that is payable to a marital deduction trust qualifies for the federal estate tax marital deduction. The trustee will be required to demand certain distributions if the surviving spouse so requests because the IRS requires that the surviving spouse be separately entitled to demand the funds income. The bill also clarifies how a trust that is required to pay income to a beneficiary keeps enough money to pay its taxes and distribute the balance of the income to the mandatory income beneficiary. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/14/2009Committee
01/14/2009Prefiled and ordered printed; offered 01/14/09 091510568
01/14/2009Referred to Committee for Courts of Justice
01/20/2009Assigned Courts sub: Civil
01/21/2009Subcommittee recommends reporting
02/06/2009Reported from Courts of Justice with substitute (22-Y 0-N) (see vote tally)
02/06/2009Committee substitute printed 090325568-H1
02/08/2009Read first time
02/09/2009Read second time
02/09/2009Committee substitute agreed to 090325568-H1
02/09/2009Engrossed by House - committee substitute HB2435H1
02/10/2009Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/10/2009VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/10/2009Reconsideration of passage agreed to by House
02/10/2009Passed House BLOCK VOTE (99-Y 0-N)
02/10/2009VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/11/2009Constitutional reading dispensed
02/11/2009Referred to Committee for Courts of Justice
02/13/2009Assigned Courts sub: Civil
02/23/2009Reported from Courts of Justice (15-Y 0-N) (see vote tally)
02/24/2009Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/25/2009Read third time
02/25/2009Passed Senate (40-Y 0-N) (see vote tally)
03/04/2009Enrolled
03/04/2009Bill text as passed House and Senate (HB2435ER)
03/05/2009Signed by President
03/06/2009Signed by Speaker
03/27/2009G Approved by Governor-Chapter 477 (effective 7/1/09)
03/27/2009G Acts of Assembly Chapter text (CHAP0477)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 2 minutes.