Bill
Bill > SB498
OR SB498
OR SB498Relating to estate tax treatment of natural resource property; and prescribing an effective date.
summary
Introduced
01/09/2023
01/09/2023
In Committee
06/23/2023
06/23/2023
Crossed Over
06/20/2023
06/20/2023
Passed
06/23/2023
06/23/2023
Dead
Signed/Enacted/Adopted
07/21/2023
07/21/2023
Introduced Session
2023 Legislative Measures
Bill Summary
Allows exclusion from taxable estate for value of interest in farm, forestry or fishing business. Allows exclusion from taxable estate for value of interest in farm, forestry or fishing business. Applies to estates of decedents dying on or after July 1, 2023. Takes effect on 91st day following adjournment sine die.
AI Summary
This bill allows for the exclusion of the value of interests in farm, forestry, or fishing businesses from the taxable estate, provided certain requirements are met. The key provisions include: 1) the property must have been owned by the decedent for at least 5 years before their death, 2) the decedent or a family member must have materially participated in the business for at least 75% of the days in the 5 years prior to the decedent's death, 3) the interest must be transferred to one or more family members who own it for at least 5 years after the decedent's death and materially participate for at least 75% of the days during that period, and 4) the exclusion is limited to $15 million. The bill applies to estates of decedents dying on or after July 1, 2023.
Committee Categories
Budget and Finance
Sponsors (17)
Lynn Findley (R)*,
Bill Hansell (R)*,
Bobby Levy (R)*,
Kevin Mannix (R)*,
David Smith (R)*,
Shelly Boshart Davis (R),
Jami Cate (R),
Tracy Cramer (R),
Ed Diehl (R),
Fred Girod (R),
Cedric Hayden (R),
James Hieb (R),
Mark Meek (D),
Werner Reschke (R),
Greg Smith (R),
Suzanne Weber (R),
Boomer Wright (R),
Last Action
Effective date, September 24, 2023. (on 07/21/2023)
Official Document
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