South Carolina General Assembly
119th Session, 2011-2012

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H. 4061

STATUS INFORMATION

General Bill
Sponsors: Rep. Harrison
Document Path: l:\council\bills\agm\19008ab11.docx

Introduced in the House on April 12, 2011
Introduced in the Senate on May 3, 2011
Currently residing in the Senate

Summary: Federal tax formulas

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   4/12/2011  House   Introduced and read first time (House Journal-page 10)
   4/12/2011  House   Referred to Committee on Judiciary 
                        (House Journal-page 10)
   4/27/2011  House   Recalled from Committee on Judiciary 
                        (House Journal-page 22)
   4/28/2011  House   Read second time (House Journal-page 53)
   4/28/2011  House   Roll call Yeas-104  Nays-0 (House Journal-page 53)
   4/28/2011  House   Unanimous consent for third reading on next legislative 
                        day (House Journal-page 54)
   4/29/2011  House   Read third time and sent to Senate (House Journal-page 2)
    5/3/2011  Senate  Introduced and read first time (Senate Journal-page 27)
    5/3/2011  Senate  Referred to Committee on Judiciary 
                        (Senate Journal-page 27)
    1/9/2012  Senate  Referred to Subcommittee: Malloy (ch), Ford, Massey, 
                        S.Martin
   3/12/2012  Senate  Referred to Subcommittee: Malloy (ch), Ford, Knotts, 
                        Massey, S.Martin
   3/28/2012  Senate  Committee report: Favorable Judiciary 
                        (Senate Journal-page 18)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/12/2011
4/27/2011
3/28/2012

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

March 28, 2012

H. 4061

Introduced by Rep. Harrison

S. Printed 3/28/12--S.

Read the first time May 3, 2011.

            

THE COMMITTEE ON JUDICIARY

To whom was referred a Bill (H. 4061) to amend Section 62-2-612, Code of Laws of South Carolina, 1976, relating to probate proceedings to determine a decedent's intent regarding the application of certain, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

GERALD MALLOY for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

There is no fiscal impact on the General Fund of the State or on federal and/or other funds.

LOCAL GOVERNMENT IMPACT:

Pursuant to Section 2-7-76 of the Code of Laws of South Carolina, 1976, the State Budget Division has surveyed counties of the FIST Network of local governments. The responses will be forwarded upon receipt.

Approved By:

Brenda Hart

Office of State Budget

A BILL

TO AMEND SECTION 62-2-612, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROBATE PROCEEDINGS TO DETERMINE A DECEDENT'S INTENT REGARDING THE APPLICATION OF CERTAIN FEDERAL TAX FORMULAS, SO AS TO IMPOSE CERTAIN TIME LIMITS ON THE AVAILABILITY OF THESE PROCEEDINGS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 62-2-612 of the 1976 Code, as added by Act 251 of 2010, is amended to read:

"Section 62-2-612.    The personal representative, trustee, or any affected beneficiary under a will, trust, or other instrument of a decedent who dies or did die after December 31, 2009, and before January 1, 2011, may, before December 31, 2012, bring a proceeding to determine the decedent's intent when the will, trust, or other instrument contains a formula that is based on the federal estate tax or generation-skipping tax. The proceeding must be commenced within twelve months following the death of the decedent."

SECTION    2.    This act takes effect upon approval by the Governor.

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