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2004 SESSION
HB 1388 Trusts; provisions for total return investing.
Introduced by: William R. Janis | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Total Return Unitrust. Allows a trustee to convert a Virginia trust that directs or permits the distribution of trust net income (an income trust) into a unitrust that distributes a percentage of the trust assets. This bill provides statutory authority that is responsive to federal regulations revising the definition of income for federal tax law purposes. Those federal regulations in turn are responsive to changes in state law, including Virginia law, that permit trusts to use a total return method of investing to promote equitable treatment of trust beneficiaries. This bill codifies in Virginia law the safe harbor provisions of the federal regulations so that Virginia has full authority for converting an income trust to a total return trust, thus ensuring that Virginia trusts will not migrate to other states that have enacted the safe harbor provisions in state law.
FULL TEXT
- 01/23/04 House: Presented & ordered printed 040538348 pdf | impact statement
- 02/14/04 House: Committee substitute printed 041003348-H1 pdf | impact statement
- 03/23/04 House: Bill text as passed House and Senate (HB1388ER) pdf | impact statement
- 04/20/04 Governor: Acts of Assembly Chapter text (CHAP0639) pdf
HISTORY
- 01/23/04 House: Presented & ordered printed 040538348
- 01/23/04 House: Referred to Committee for Courts of Justice
- 02/13/04 House: Reported from C. J. with substitute (22-Y 0-N)
- 02/14/04 House: Committee substitute printed 041003348-H1
- 02/14/04 House: Read first time
- 02/16/04 House: Read second time
- 02/16/04 House: Committee substitute agreed to 041003348-H1
- 02/16/04 House: Engrossed by House - committee substitute HB1388H1
- 02/17/04 House: Read third time and passed House BLOCK VOTE (100-Y 0-N)
- 02/17/04 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/17/04 House: Communicated to Senate
- 02/18/04 Senate: Constitutional reading dispensed
- 02/18/04 Senate: Referred to Committee for Courts of Justice
- 03/08/04 Senate: Reported from Courts of Justice (15-Y 0-N)
- 03/09/04 Senate: Constitutional reading dispensed (40-Y 0-N)
- 03/09/04 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 03/09/04 Senate: Read third time
- 03/09/04 Senate: Passed Senate (40-Y 0-N)
- 03/09/04 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 03/23/04 House: Enrolled
- 03/23/04 House: Bill text as passed House and Senate (HB1388ER)
- 03/24/04 House: Signed by Speaker
- 03/24/04 Senate: Signed by President
- 04/12/04 Governor: Approved by Governor-Chapter 639 (effective 7/1/04)
- 04/20/04 Governor: Acts of Assembly Chapter text (CHAP0639)