California 2009-2010 Regular Session Status: Enacted

AB 1545 — Uniform Principal and Income Act: trust administration: income and payments.

Last action — Chaptered by Secretary of State - Chapter 152, Statutes of 2009.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced March 05, 2009. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 4 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

(1) Existing law, the Uniform Principal and Income Act, requires a trust to be administered, as specified, with due regard to the respective interests of defined income beneficiaries and remainder beneficiaries. For purposes of the act, "payment" is defined to mean a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments, or a payment that a trustee may receive pursuant to an income tax advantaged contractual, custodial, or trust arrangement, as prescribed. This bill would revise that definition to, instead, specify that, for purposes of the act, "payment" also includes any payment from a separate fund, as described, regardless of the reason for the payment, and would prescribe requirements for the allocation of a payment, as determined by any portion of the payment that is characterized by the payer as interest, a dividend, or a payment made in lieu of interest or a dividend, as provided. (2) The act requires that a tax required to be paid by a trustee based on receipts allocated to income be paid from income. The act further requires the trustee, in order to obtain an estate tax marital deduction for a trust, to allocate more of a payment to income, in accordance with prescribed requirements. This bill would revise the requirements for determining the amount of a payment that is required to be allocated to income for purposes of qualifying for a marital tax deduction under federal law, as specified, and for calculating the amount of tax required to be paid by a trustee based on income, as determined by receipts allocated to income. For purposes of the marital tax deduction, the bill would require, if the separate fund payer provides documentation reflecting the internal income of the separate fund to the trustee, that the trustee allocate the internal income of each separate fund for the accounting period as if the separate fund were a trust subject to the act, except as provided. The bill would require the trustee to allocate the balance to the principal.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 152, Statutes of 2009.

  2. Approved by the Governor.

  3. Enrolled and to the Governor at 2:30 p.m.

  4. In Assembly. To enrollment.

  5. Read third time, passed, and to Assembly. (Ayes 36. Noes 0. Page 1764.)

  6. Read second time. To Consent Calendar.

  7. From committee: Do pass. To Consent Calendar. (July 8).

  8. Referred to Com. on REV. & TAX.

  9. In Senate. Read first time. To Com. on RLS. for assignment.

  10. Read third time, passed, and to Senate. (Ayes 77. Noes 0. Page 1557.)

  11. Read second time. To Consent Calendar.

  12. From committee: Do pass. To Consent Calendar. (May 11).

  13. Re-referred to Com. on REV. & TAX.

  14. From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

  15. In committee: Hearing for testimony only.

  16. Referred to Com. on REV. & TAX.

  17. From printer. May be heard in committee April 5.

  18. Read first time. To print.

Sponsors

  • Committee on Revenue and Taxation · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Committee on Revenue and Taxation

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Consent Calendar 2nd AB1545 Committee on REV. & TAX. (Caldero

Passed 37 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 35003
Democratic 1001
Republican 1000
Total 37004
% of votes cast 90%0%0%10%
How each member voted (41)
Member Party Vote
Yee — Yea
Hancock — Yea
Oropeza — Not Voting
Cogdill — Yea
Ducheny — Yea
Hollingsworth — Yea
Huff — Yea
Kehoe — Yea
McLeod — Yea
Lowenthal — Yea
Negrete — Yea
Runner — Yea
Ashburn — Yea
Dutton — Yea
Price — Yea
Steinberg — Yea
Walters — Yea
Wiggins — Yea
Wolk — Yea
Wright — Yea
Aanestad — Yea
Alquist — Yea
Benoit — Not Voting
Harman — Yea
Leno — Yea
Liu — Yea
Maldonado — Yea
Pavley — Yea
Romero — Yea
Simitian — Yea
Cedillo — Yea
Wyland — Yea
Corbett — Yea
Correa — Yea
Cox — Yea
DeSaulnier — Yea
Denham — Yea
Florez — Not Voting
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Not Voting
Strickland, Tony Republican Yea

Official roll call →

AB 1545 REV.& TAX. Consent Calendar Second Day Regular Session

Passed 89 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 81003
Democratic 5000
Republican 3000
Total 89003
% of votes cast 97%0%0%3%
How each member voted (92)
Member Party Vote
Carter — Yea
Chesbro — Yea
Conway — Yea
Cook — Yea
Bill — Yea
Berryhill — Yea
Tom — Yea
Berryhill — Yea
Evans — Yea
Fuentes — Yea
Furutani — Yea
Charles — Yea
Galgiani — Yea
Garrick — Yea
Hagman — Yea
Hall — Yea
Hayashi — Yea
De — Yea
La — Yea
Torre — Yea
De — Yea
Leon — Yea
Hill — Yea
Huber — Yea
Fletcher — Yea
Gaines — Yea
Bonnie — Yea
V. — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Ammiano — Yea
Beall — Yea
Blakeslee — Yea
Coto — Yea
Davis — Yea
Duvall — Yea
Jeffries — Yea
Knight — Yea
Lieu — Yea
Logue — Yea
Mendoza — Yea
Miller — Yea
Nava — Yea
Nestande — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Audra — Yea
Saldana — Not Voting
Eng — Not Voting
Bass — Yea
Ruskin — Yea
Silva — Yea
Smyth — Yea
Solorio — Yea
Swanson — Yea
Torlakson — Yea
Torrico — Yea
Tran — Yea
Adams — Yea
Anderson — Yea
Block — Yea
Blumenfield — Yea
Brownley — Yea
Buchanan — Yea
Harkey — Yea
Hernandez — Yea
Huffman — Yea
Krekorian — Yea
Ma — Yea
Monning — Yea
Nielsen — Yea
Price — Not Voting
Skinner — Yea
Torres — Yea
Villines — Yea
Emmerson — Yea
Feuer — Yea
DeVore — Yea
Yamada — Yea
Fuller — Yea
Gilmore — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Lowenthal, Josh Democratic Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass, to Consent Calendar.

Passed 10 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 9000
Democratic 1000
Total 10000
% of votes cast 100%0%0%0%
How each member voted (10)
Member Party Vote
Coto — Yea
DeVore — Yea
Harkey — Yea
Ma — Yea
Nielsen — Yea
Charles — Yea
Portantino — Yea
Saldana — Yea
Beall — Yea
Calderon, Lisa Democratic Yea

Official roll call →

Subjects

taxation finance
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Frequently asked questions

What does AB 1545 do?
(1) Existing law, the Uniform Principal and Income Act, requires a trust to be administered, as specified, with due regard to the respective interests of defined income beneficiaries and remainder beneficiaries. For purposes of the act, "payment" is defined to mean a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments, or a payment that a trustee may receive pursuant to an income tax advantaged contractual, custodial, or trust arrangement, as prescribed. This bill would revise that definition to, instead, specify that, for purposes of the act, "payment" also includes any payment from a separate fund, as described, regardless of the reason for the payment, and would prescribe requirements for the allocation of a payment, as determined by any portion of the payment that is characterized by the payer as interest, a dividend, or a payment made in lieu of interest or a dividend, as provided. (2) The act requires that a tax required to be paid by a trustee based on receipts allocated to income be paid from income. The act further requires the trustee, in order to obtain an estate tax marital deduction for a trust, to allocate more of a payment to income, in accordance with prescribed requirements. This bill would revise the requirements for determining the amount of a payment that is required to be allocated to income for purposes of qualifying for a marital tax deduction under federal law, as specified, and for calculating the amount of tax required to be paid by a trustee based on income, as determined by receipts allocated to income. For purposes of the marital tax deduction, the bill would require, if the separate fund payer provides documentation reflecting the internal income of the separate fund to the trustee, that the trustee allocate the internal income of each separate fund for the accounting period as if the separate fund were a trust subject to the act, except as provided. The bill would require the trustee to allocate the balance to the principal.
Who sponsors AB 1545?
AB 1545 is sponsored by Committee on Revenue and Taxation.
What is the current status of AB 1545?
This bill has been enacted into law. Introduced March 05, 2009. Enacted.
Where can I track AB 1545?
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