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Legislation watch
2011 Senate Bill 5057: Revising accounting rules for payments made by trustees of estates
Introduced by Sen. Cheryl Pflug, (R-Maple Valley) (R) on January 12, 2011
To make revisions in accounting rules for estates as to how income taxes paid by a trustee are allocated. The bill provides that income taxes paid must be charged to income and other expenditures proportionally to income and principal to the extent that receipts from the entity are allocated to both income and principal, regardless of whether they were paid out of income. Official Text and Analysis.
Referred to the Senate Judiciary Committee on January 12, 2011
Referred to the Senate Rules Committee on January 19, 2011
Received in the House on March 3, 2011
Referred to the House Judiciary Committee on March 3, 2011
Referred to the House Rules Committee on March 21, 2011
To provide that a tax required to be paid by a trustee on the trust's share of an entity's taxable income must be charged to income to the extent that the receipts from the entity are allocated only to income; to principal when the receipts from the entity are allocated only to principal; proportionately to income and principal when the receipts are allocated to both income and principal; or in all other cases, to principal.
Signed by Gov. Christine Gregoire on April 13, 2011
To provide that a tax required to be paid by a trustee on the trust's share of an entity's taxable income must be charged to income to the extent that the receipts from the entity are allocated only to income; to principal when the receipts from the entity are allocated only to principal; proportionately to income and principal when the receipts are allocated to both income and principal; or in all other cases, to principal.