Inter vivos QTIP trusts; if established by donor spouse not to be included in estate. (SB1072)

Introduced By

Sen. John Edwards (D-Roanoke)

Progress

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

Description

Inter vivos QTIP trusts.  Provides that the donor spouse who establishes for his spouse a QTIP (qualified terminable interest property) trust, which effectively gives the donee spouse a life estate in the trust property, or an inter vivos power of appointment marital deduction trust shall not have the trust property included in the donor spouse's estate for estate tax purposes. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/11/2011Prefiled and ordered printed; offered 01/12/11 11102923D
01/11/2011Referred to Committee for Courts of Justice
01/13/2011Assigned Courts sub: Civil
02/07/2011Reported from Courts of Justice (13-Y 0-N) (see vote tally)
02/08/2011Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/08/2011Read second time and engrossed
02/08/2011Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/08/2011Passed Senate (40-Y 0-N) (see vote tally)
02/09/2011Placed on Calendar
02/09/2011Read first time
02/09/2011Referred to Committee for Courts of Justice
02/10/2011Assigned Courts sub: #2 Civil
02/16/2011Subcommittee recommends reporting (10-Y 0-N)
02/21/2011Reported from Courts of Justice (22-Y 0-N) (see vote tally)
02/23/2011Read second time
02/24/2011Read third time
02/24/2011Passed House BLOCK VOTE (98-Y 0-N)
02/24/2011VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/24/2011Reconsideration of House passage agreed to by House
02/24/2011Passed House BLOCK VOTE (99-Y 0-N)
02/24/2011VOTE: PASSAGE #2 (99-Y 0-N) (see vote tally)
03/03/2011Enrolled
03/03/2011Bill text as passed Senate and House (SB1072ER)
03/03/2011Signed by Speaker
03/06/2011Signed by President
03/22/2011G Approved by Governor-Chapter 354 (effective 7/1/11)
03/22/2011G Acts of Assembly Chapter text (CHAP0354)

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 45 seconds.