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Committee backs retroactive fix to include trusts in primary residence credit
Summary
The Appropriations Committee recommended a do-pass on Senate Bill 2201, which adds trusts (and life estates) to eligibility for the primary residence property tax credit and applies the change retroactively with an emergency clause.
The House Appropriations Committee voted to give a do-pass recommendation on Senate Bill 2201 after Senator Mark Weber (Senate, District 22) said the bill corrects an oversight that excluded trusts from the primary residence credit and applies retroactively for the taxable years covered.
The bill, as presented by Senator Mark Weber, would add trusts to the definition of qualifying ownership for the primary residence credit and contains both a retroactive clause and an emergency clause intended to speed implementation. Weber told the committee that "we learned from the, tax department that there are approximately 2,500…
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