Introduced
by
To exempt the transfer of residential property from a decedent to a trust whose beneficiaries are members of the decedent’s family from the taxable value “bump up,” wherein the new basis for property tax assessments becomes the property’s state equalized value (market value), rather than the capped “taxable value” of the previous owner. The exemption would apply when there is no change to the use of the property.
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Amendment offered
by
To define "spouse" in the bill as "any person in a marital relationship legally recognized" in any other state, which would include states that recognize homosexual marriage.
The amendment failed by voice vote
Amendment offered
by
To also exempt from the taxable value "bump up" a principle residence that was acquired to replace another principle residence in the same county that was taken under eminent domain.
The amendment failed by voice vote
Passed in the House 77 to 31 (details)
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Amendment offered
To revise language in the bill clarify that the proposed provisions apply to an individual to whom the property is transferred.
The amendment passed by voice vote
Passed in the Senate 26 to 12 (details)
To exempt the transfer of residential property from a decedent to a trust whose beneficiaries are members of the decedent’s family from the taxable value “bump up,” wherein the new basis for property tax assessments becomes the property’s state equalized value (market value), rather than the capped “taxable value” of the previous owner. The exemption would apply when there is no change to the use of the property.
Passed in the House 77 to 30 (details)
To concur with the Senate-passed version of the bill.
