Senate committee substitute makes the following changes to the 1st edition.
Amends GS 105-160.2 as follows. Clarifies that the tax is computed on the amount of the taxable income of an estate or trust on a resident estate that is for the benefit of a resident current beneficiary and on a resident trust or a resident estate for the benefit of a nonresident current beneficiary, subject to limitations. Instead of allowing the Secretary to use a rebuttable presumption that the taxable income of a resident estate or trust must be equally apportioned among all current beneficiaries, requires that the taxable income be equally apportioned unless the fiduciary apportions and reports the taxable income of each resident estate or trust using an alternative approach and attaches to its tax return specified items reflecting a rational basis for the alternative approach.
TRUST TAXABLE INCOME CLARIFICATION.
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View NCGA Bill Details(link is external) | 2015-2016 Session |
AN ACT TO CLARIFY ALLOCATION OF TRUST INCOME.Intro. by Hartsell.
Status: Re-ref Com On Finance (Senate Action) (Apr 16 2015)
Bill History:
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Wed, 25 Mar 2015 Senate: Filed(link is external)
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Thu, 26 Mar 2015 Senate: Passed 1st Reading(link is external)
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Mon, 30 Mar 2015 Senate: Withdrawn From Com(link is external)
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Thu, 16 Apr 2015 Senate: Reptd Fav Com Substitute(link is external)
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Thu, 16 Apr 2015 Senate: Com Substitute Adopted(link is external)
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Thu, 16 Apr 2015 Senate: Re-ref Com On Finance(link is external)
S 468
Bill Summaries:
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Bill S 468 (2015-2016)Summary date: Apr 16 2015 - View Summary
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Bill S 468 (2015-2016)Summary date: Mar 26 2015 - View Summary
Amends GS 105-160.2 regarding the imposition of tax on on the taxable income of estates and trusts in order to clarify the allocation of trust income. Also modifies how the tax is computed. Defines the following terms as they apply in this section: (1) current beneficiary, (2) nonresident estate, (3) nonresident trust, (4) resident estate, and (5) resident trust. Effective for taxable years beginning on or after January 1, 2015.
View: All Summaries for Bill