SENATE BILL 545

Sponsored By:

Senator Giannetti

Entitled:

Inheritance Tax - Exemption for Property Passing to Family Partnership or Limited Liability Company

Synopsis:

Providing an exemption from the inheritance tax for property passing to or for the use of partnerships or limited liability companies consisting of specified family members; and applying the Act to decedents dying after June 30, 2006.

History by Legislative Date

Senate Action

2/3

First Reading Budget and Taxation

2/8

Hearing 2/15 at 1:00 p.m.

2/10

Hearing cancelled

Hearing 2/15 at 12:30 p.m.

2/27

Favorable Report by Budget and Taxation

2/28

Favorable Report Adopted

Second Reading Passed

3/2

Third Reading Passed (45-0)

3/30

Returned Passed

House Action

3/3

First Reading Ways and Means

3/15

Hearing 3/30 at 1:00 p.m.

3/31

Favorable Report by Ways and Means

3/29

Favorable Report Adopted

Second Reading Passed

3/30

Third Reading Passed (135-1)

Action after passage in Senate and House

4/6

Signed by the Governor Chapter 30

Bill indexed under the following Subjects:

ESTATES AND TRUSTS

EXEMPTIONS

INHERITANCE TAX

LIMITED LIABILITY COMPANIES

PARTNERSHIPS

Bill affects the following Statute:

Tax - General

( 7-203 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled

Fiscal Note (Displayed in PDF Format): Available

Amendments: None offered

Roll Call Votes (Legislative dates are shown):

Senate

March 2, 2006: Third Reading Passed (45-0)

House

March 30, 2006: Third Reading Passed (135-1)