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UT SB0293

UT SB0293
Trust Business Amendments


summary

Introduced
02/18/2025
In Committee
03/04/2025
Crossed Over
Passed
Dead
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)

bill text


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