1st Sub. H.B. 299
         TRUST LAW AMENDMENTS

house floor Amendments

Amendment 4 February 27, 2003 7:16



Representative David Clark proposes the following amendments:

1.    Page 5, Line 123:    After "in trust" insert "to a trust company as defined in Subsection 7-5-1(1)(d)"

2.    Page 6, Line 162:    At the end of the line, delete "or"

3.    Page 6, Line 163:    At the end of the line, delete the "." and insert "; or"

4.    Page 6, Line 163:    After line 163, insert:
        "(vii) at any time before or after the transfer in trust is made, the settlor is or becomes subject to a claim or tax of the state, its agencies, or political subdivisions."

5.    Page 11, Line 323:    Restore "(A)" and delete the rest of the line

6.    Page 11, Line 324:    At the beginning of the line, delete "a"

7.    Page 11, Line 333:    After line 333, insert:
        "(4)(a) Income in a trust consisting of interest, capital gains, and dividends will not be subject to the tax specified in this section if:
        (i) the trust first became a resident trust on or after January 1, 2004; and
        (ii) the trustee of the trust is a trust company as defined in Subsection 7-5-1(1)(d).
        (b) For the purposes of this section, interest, capital gains, and dividends do not include:
        (i) Subchapter S dividends that represent ordinary income;
        (ii) investment income from a pass-through entity;
        (iii) rents; and
        (iv) royalties. "

8.    Page 20, Line 613:    Before "75-7-601(3)" delete "Subsection" and insert "Subsections"; after "75-7-601" insert "(2) and"


9.    Page 22, Line 655:    Delete "Subsection" and insert "Subsections"; after "75-7-601" insert "(2) and"

10.    Page 23, Line 704:    Before "75-7-601(3)", delete "Subsection" and insert "Subsections"; after "75-7-601" insert "(2) and"

11.    Page 29, Lines 864 - 866:    Delete lines 864 through 866

12.    Page 29, Lines 869 - 874:    Delete lines 869 through 874

        Renumber Section 75-7-601 accordingly.

13.    Page 29, Line 875:    After "qualified" delete "person" and insert "trustee"; delete "as a trustee"

14.    Page 30, Line 897:    Delete "Subsection" and insert "Subsections"; after "75-7-601" insert "(2) and"

15.    Page 30, Line 900:    Delete "Subsection" and insert "Subsections"; after "75-7-601" insert "(2) and"

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