Wills & trusts; formula clauses referring to federal estate & generation-skipping transfer tax laws. (SB1423)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Wills and trusts; formula clauses referring to federal estate and generation-skipping transfer tax laws; application. Amends a section added to the Code during the 2010 Session that was designed to address the consequences of the anticipated repeal of the federal estate and generation-skipping transfer taxes with respect to estates and taxable transfers occurring after December 31, 2009, and before January 1, 2011, to address the retroactive reinstatement of such taxes as well as other changes made to federal tax law. The bill provides that the decision by a decedent's personal representative not to have the estate tax apply to a decedent's estate in 2010 does not affect the meaning of formula clauses for calculating transfers or devises based on federal estate or generation-skipping transfer tax law contained in a will or other instrument. The bill also provides that the fiduciaries or beneficiaries of an estate may petition the court to determine how the decedent would want such formula clauses construed and may also enter into a nonjudicial agreement regarding the construction of such clauses. The bill contains an emergency clause and its provisions will be effective upon its passage. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/20/2011 | Presented and ordered printed with emergency clause 11103739D |
| 01/20/2011 | Referred to Committee for Courts of Justice |
| 01/21/2011 | Assigned Courts sub: Civil |
| 02/07/2011 | Reported from Courts of Justice (13-Y 0-N) (see vote tally) |
| 02/08/2011 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
| 02/08/2011 | Read second time and engrossed |
| 02/08/2011 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 02/08/2011 | Passed Senate (40-Y 0-N) (see vote tally) |
| 02/09/2011 | Placed on Calendar |
| 02/09/2011 | Read first time |
| 02/09/2011 | Referred to Committee for Courts of Justice |
| 02/10/2011 | Assigned Courts sub: #2 Civil |
| 02/16/2011 | Subcommittee recommends reporting (10-Y 0-N) |
| 02/21/2011 | Reported from Courts of Justice (22-Y 0-N) (see vote tally) |
| 02/23/2011 | Read second time |
| 02/24/2011 | Read third time |
| 02/24/2011 | Passed House BLOCK VOTE (98-Y 0-N) |
| 02/24/2011 | VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally) |
| 02/24/2011 | Reconsideration of House passage agreed to by House |
| 02/24/2011 | Passed House BLOCK VOTE (99-Y 0-N) |
| 02/24/2011 | VOTE: PASSAGE #2 (99-Y 0-N) (see vote tally) |
| 03/03/2011 | Enrolled |
| 03/03/2011 | Bill text as passed Senate and House (SB1423ER) |
| 03/03/2011 | Signed by Speaker |
| 03/06/2011 | Signed by President |
| 03/26/2011 | G Approved by Governor-Chapter 679 (effective 3/26/11) |
| 03/26/2011 | G Acts of Assembly Chapter text (CHAP0679) |