Bills › 88th General Assembly
Exempting from the state individual income tax the earnings from a burial trust fund, and including retroactive applicability provisions
Sponsored by the House Ways and Means Committee
Topics:TaxesIncome taxes
Same legislation: HSB 628
Where it is now
- Done: IntroducedJune 9, 2020
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary People who have burial trust funds would no longer have to pay state income tax on the interest or earnings those funds make. These special accounts are set up at banks to pay for future funeral costs or cemetery services. This change would apply to tax years starting from January 1, 2020.1
Read the official explanation
This bill exempts from the state individual income tax the interest and earnings received from a burial trust fund. Burial trust funds, which are governed by Code chapter 523A, are irrevocable trusts established by a person with a financial institution for the purpose of funding the future purchase of cemetery merchandise, funeral merchandise, funeral services, or a combination thereof upon the death of the person named in the burial trust fund’s records or a related purchase agreement. The bill applies retroactively to January 1, 2020, for tax years beginning on or after that date.
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88th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Similar bills
- HF 367 Exempting from the state individual income tax the earnings from a burial trust fund, and …89th General Assembly · Signed by GovernorNearly identical
Matched by wording or an identical title.