summary
Introduced
02/18/2025
02/18/2025
In Committee
03/04/2025
03/04/2025
Crossed Over
Passed
Dead
03/07/2025
03/07/2025
Introduced Session
2025 General Session
Bill Summary
General Description: This bill amends provisions related to trust business.
AI Summary
This bill makes several amendments to Utah's laws regarding trust businesses and taxation, primarily focusing on updating definitions and clarifying regulations. The bill modifies the definition of "business trust" and introduces a new definition for "court appointed fiduciary," specifying professional qualifications and court responsibilities. It expands the definition of "trust business" and provides a comprehensive list of exceptions, such as money held by attorneys, real estate brokers, escrow agents, and homeowners' associations. The bill also redefines "trust company" to include various types of financial institutions and corporations, and specifies that only trust companies may engage in trust business in Utah. Additionally, the bill makes technical changes to the state's tax code related to income adjustments for resident and non-resident estates and trusts, including modifications to how certain types of income and tax exemptions are handled. The changes aim to provide more clarity and precision in Utah's legal framework for trust businesses and financial institutions. The bill is set to take effect on May 7, 2025.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Senate/ filed in Senate file for bills not passed (on 03/07/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://le.utah.gov/~2025/bills/static/SB0293.html |
Senate Committee Report SB0293 | https://le.utah.gov/Session/2025/comreport/SB293S10.pdf |
Fiscal Note SB0293 | https://pf.utleg.gov/public-web/sessions/2025GS/fiscal-notes/SB0293.fn.pdf |
BillText | https://le.utah.gov/Session/2025/bills/introduced/SB0293.pdf |
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