Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Tax Resident Credit topic
No spam. Unsubscribe anytime.
Committee agrees to prepare amendment to let trusts claim resident credit, will align language with House Bill 1176
Summary
The Finance and Taxation Committee agreed verbally to prepare an amendment to align ownership language in a bill that would allow trusts to claim the resident credit with the language in House Bill 1176 and to return later with a written amendment for a vote.
Chairman Weber said the committee must move quickly on Senate Bill 2201 so trusts can claim the resident credit, telling members, “we need to get this bill out, by Wednesday at the latest. The leadership has said that we need to get this done.”
Members discussed matching ownership definitions in SB 2201 to those in a House property tax bill. Senator Wallin said the language in House Bill 1176 “includes a description of what will qualify” and that the committee “would probably want to match that in this bill. So we're not in, they're not in conflict.” Chairman Weber and members agreed the change would remove references to ownership through corporations and pass-through entities (the sections that had been read aloud as appearing on page 1, line 18–20; page 2, line 15–18; and page 3, line 20) and replace them with the House bill language.
Legislative staff said they cannot draft a written amendment until the committee votes on the proposed change verbally. Shannon Aromo advised, “Chairman Weber, what happens if we could reference House Bill 1178 Chapter 5708.9 subsection 2 which identifies the ownership as I had just read it as what we're interested in doing.” Committee members agreed to have an amendment drafted and to reconvene after the chamber adjourns so members could review a written amendment and vote later in the day.
No formal committee vote on the amendment was recorded during this meeting; members agreed on the intent to prepare and vote on a written amendment later the same day.
