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