Date: 03/18/2009

Final
BILL SUMMARY for SB09-139

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer Senate Bill 09-139 to the Committee of the WPASS



11:55 AM -- Senate Bill 09-139 - Concerning the Uniform Principal and Income Act

Representative McGihon, prime sponsor, briefly explained the provisions in the bill and asked if the committee could hear testimony from Mr. Dennis Whitmer.

The following person testified:

11:57 AM -- Mr. Dennis Whitmer, representing himself, testified in support of the legislation. He explained that Senate Bill 09-139 was recommended by the Colorado Commission on Uniform State Laws. It adopts amendments to provisions of the Uniform Principal and Income Act. Mr. Whitmer closed by saying that the bill addresses state laws governing allocations of payments made by a trustee from a separate fund relating to qualifying for the federal marital deduction, the determination of the internal income of separate funds, and the payment of taxes on a trust's share of an entity's taxable income.


11:59 AM

After a brief committee discussion, the bill was placed on the table for action.
BILL:SB09-139
TIME: 12:00:02 PM
MOVED:Roberts
MOTION:Refer Senate Bill 09-139 to the Committee of the Whole. The motion passed on a 8-0 vote.
SECONDED:Apuan
VOTE
Apuan
Yes
Benefield
Excused
Gerou
Yes
Kefalas
Yes
Kerr A.
Excused
Lambert
Yes
Roberts
Yes
Summers
Yes
Swalm
Yes
Frangas
Yes
Judd
Excused
Final YES: 8 NO: 0 EXC: 3 ABS: 0 FINAL ACTION: PASS