SENATE BILL 129

Sponsored By:

Senator Haines

Entitled:

Recordation and Transfer Taxes - Estate Planning Exemption

Synopsis:

Exempting from the recordation tax and State and county transfer taxes instruments of writing transferring property for estate planning purposes if the only consideration is an interest in the transferee; imposing the recordation tax and State and county transfer taxes on the transfer of an interest in estate planning entities; requiring the filing of a report of transfers of interest in estate planning entities; requiring the payment of a filing fee with certain reports; etc.

History by Legislative Date

Senate Action

1/21

First Reading Budget and Taxation

3/4

Hearing 3/17 at 1:30 p.m.

3/27

Unfavorable Report by Budget and Taxation

House Action

No Action

Bill indexed under the following Subjects:

ASSESSMENTS AND TAXATION, DEPARTMENT OF

CIVIL ACTIONS -see also- SMALL CLAIMS

ESTATES AND TRUSTS -see also- FIDUCIARIES

EXEMPTIONS

FEES -see also- DEVELOPMENT FEES AND TAXES

INTEREST

PENALTIES

REAL PROPERTY

RECORDATION -see also- TRANSFER TAX

REPORTS -see also- RECORDS

REVENUE AND TAXES -see also specific taxes -

TRANSFER TAX -see also- RECORDATION

Bill affects the following Statutes:

Tax - Property

( 11-103 , 12-102.1 , 12-108 , 13-202.1 , 13-207 , 13-410 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered