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2009 Senate Bill 5171: Modifying the Washington principal and income act of 2002 relating to trusts
Introduced by Sen. Adam Kline (Seattle) (D) on January 15, 2009
Amends RCW 11.104A, known as the “principal and income act of 2002”to specify the manner in which trustees determine and distribute interest income payments to beneficiaries of a trust. Defines and clarifies different types of, and allocation of interest and principal in various types of trust accounts.   Official Text and Analysis.
Referred to the Senate Judiciary Committee on January 15, 2009
Substitute offered in the Senate on January 29, 2009
To clarify that to determine the internal income of a separate fund with a known value, the trustee must multiply the value by 3 percent.
The substitute passed by voice vote in the Senate on January 29, 2009
Referred to the Senate Rules Committee on January 29, 2009
Received in the House on March 2, 2009
Referred to the House Judiciary Committee on March 2, 2009
Amendment offered in the House on March 16, 2009
To require a trustee to calculate the 4% allocation made to income using the most recent statement of value preceding the beginning of the accounting period, in cases where no part of a payment is characterized as interest, a dividend, or an equivalent. Removes the section changing the provisions related to income taxes on receipts from business entities and changes the formula used to calculate the internal income of a separate fund from 3% to 4% of the fund's value, in cases where the trustee cannot determine the internal income of a separate fund but can determine the value of the separate fund.
The amendment passed by voice vote in the House on March 16, 2009
Referred to the House Rules Committee on March 18, 2009
Signed by Gov. Christine Gregoire on May 6, 2009
Amends RCW 11.104A, known as the “principal and income act of 2002” to specify the manner in which trustees determine and distribute interest income payments to beneficiaries of a trust. Defines and clarifies different types of, and allocation of interest and principal in various types of trust accounts. House amendment provides for specific instructions on the 4% calculation made to income.

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