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Finance and Taxation committee approves amendment to expand primary-residence credit eligibility to trusts, passes bill and refers it to appropriations
Summary
The Finance and Taxation Committee approved an amendment to Senate Bill 2201 to allow trusts and life estates to qualify for the primary-residence tax credit, passed the bill as amended, and voted to re-refer the measure to appropriations because of a $2,000,000 fiscal note.
The Finance and Taxation Committee approved an amendment to Senate Bill 2201 that removes a provision excluding property held by certain private corporations or pass-through entities and preserves eligibility for trusts and life estates to claim the primary-residence credit. The committee then passed the bill as amended and voted to re-refer it to the Appropriations Committee because of a fiscal note the committee said was $2,000,000.
Senator Patton, who presented the amendment, said it was prepared…
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