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House Bill 1506


House Bill 1506

ARCHIVE (2007)

Latest Information

 

DIGEST OF INTRODUCED BILL


Property tax deductions and inheritance taxes. Provides that a trust is entitled to certain property tax deductions for real property owned by the trust if the property is occupied by an individual who has a beneficial interest in the trust, is considered to have a life estate in the real property, and otherwise qualifies for the deduction. Removes a provision that prevents individuals who are adopted as adults after June 30, 2004, from being considered Class A transferees for purposes of the inheritance tax. Increases the Class B transferee inheritance tax exemption amount from $500 to $20,000 and the Class C transferee inheritance tax exemption amount from $100 to $10,000. Increases from $1,000 to $5,000 the maximum amount that may be deducted for purposes of inheritance tax from the value of property interests transferred by a resident decedent for the purchase of a memorial for the decedent. (The introduced version of this bill was prepared by the probate code study commission.)
Current Status:
 In Committee - first House
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