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2010 SESSION

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HB 755 Wills & trusts; formula clauses referring to federal estate, generation-skipping transfer tax laws.

Introduced by: William R. Janis | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Wills and trusts; formula clauses referring to federal estate and generation-skipping transfer tax laws; application.  Provides that a formula for calculating transfers or devises based on federal estate or generation-skipping transfer tax law contained in a will or trust of a decedent who dies after December 31, 2009, and before January 1, 2011, shall be construed to refer to the tax law applicable on December 31, 2009. The bill is intended to address the consequences of the 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. The bill contains an emergency clause and its provisions will also be effective retroactive to December 31, 2009.


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