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House approves trust law changes to attract trust business and jobs
Summary
The Utah House passed first-substitute House Bill 299, which extends trust lifespans, enhances asset-protection rules and creates favorable state tax treatment for trust income to attract trust-company business and associated jobs; the bill passed 70–2 and goes to the Senate.
The Utah House on Feb. 27 approved first-substitute House Bill 299, a package of trust law amendments intended to make the state more competitive for trust companies and the associated financial-services jobs.
Representative Paul Clark, sponsor of the measure, told colleagues the bill “extends the life of a trust, provides a mechanism for protection of trust assets and … income that remains in the trust will have a favorable state tax status until it is distributed.” He said the changes are aimed at attracting new trust business to Utah and keeping…
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