BILL SUMMARY for SB09-139
SENATE COMMITTEE ON FINANCE
|Adopt Amendment L.001 (Attachment A). The motion
Refer Senate Bill 09-139, as amended, to the Commi
|Pass Without Objection
The meeting came to order. A quorum was present. Senator Sandoval passed the gavel to Senator Hudak to chair the meeting, and Senator Sandoval was excused to present a bill to another committee.
10:04 AM -- Senate Bill 09-139
Senator Shaffer, prime sponsor, presented Senate Bill 09-139. He explained that the bill, which came out of the Uniform Law Commission, has two primary objectives-- clarifying the law after a revenue ruling from the Internal Revenue Service (IRS) about marital deductions, and providing a formula for taxation when a trust is a member of a Limited Liability Corporation (LLC) or partnership. He also distributed a copy of Amendment L.001 (Attachment A) to the members of the committee, stating that the amendment made technical corrections to the bill.
The following witness testified on the bill:
10:07 AM -- Mr. Stanley Kent, representing himself, testified in support of the Senate Bill 09-139 and provided background and reasons for the proposed bill. He explained that the bill would help to clarify the uniform trust laws after a revenue ruling from the IRS about marital deductions. Mr. Kent also discussed estate planning and qualifying for the marital deduction. Mr. Kent responded to questions from the committee about trusts, estate planning, and the uniform trust law in general.
Senator Hudak closed public testimony.
| 10:13:09 AM
|Refer Senate Bill 09-139, as amended, to the Committee of the Whole with a recommendation that it be placed on the consent calendar. The motion passed 6-0, with one excused.
Final YES: 6 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS