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Senate advances trust-and-estate tax recodification as part of income tax changes
Summary
Lawmakers advanced S.B. 31, recodifying trust and estate taxation to a single 5% rate and restoring some deductions as credits. Sponsors said the change brings continuity with the individual income tax code; a fiscal note cited roughly $8 million and senators signaled continued work before final enactment.
Senators on the floor advanced S.B. 31, a broad package of income-tax recodification that includes consolidating the trust-and-estates tax into a single rate and restoring select credits to ease impacts on lower-income taxpayers.
Senator Niederhauser, sponsor, told colleagues the measure follows the earlier omnibus tax changes and "recodified now the…
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