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Rep. Shy and volunteer tax advisers press bills to restore homestead and adjacent-lot exemptions for trusts
Summary
Representative Shy and Mark Marin (VITA/TCE volunteer) testified that a Department of Treasury reinterpretation removed longstanding homestead exemptions for living trusts and adjacent vacant lots; HB5235 and HB5236 would restore eligibility and help working-class retirees keep longtime tax benefits.
Representative Shy told the House Judiciary Committee on February 25 that House Bills 5235 and 5236 would reverse recent Department of Treasury reinterpretations affecting homestead property exemptions.
"The Department of Treasury has revised its interpretation of state law last year which has hit a number of working-class retirees in our state very hard," Rep. Shy said. She said many homeowners placed homes in living trusts to simplify inheritance and that the bills would explicitly qualify homes owned…
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