California 2009-2010 Regular Session Status: Enacted 1 D cosponsors

AB 229 — Uniform Principal and Income Act: trust administration: income and payments.

Last action — Chaptered by Secretary of State - Chapter 71, Statutes of 2010.

  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 February 05, 2009. Enacted.

Prognosis

Likely to advance 72% · 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.

  • Single-party support

    Sponsorship is currently within one party (1 D).

  • 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

Existing law, the Uniform Principal and Income Act, requires a trust to be administered with due regard to the respective interests of defined income beneficiaries and remainder beneficiaries. 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 requires the trustee, in order to obtain an estate tax marital deduction for a trust, to allocate a prescribed amount of a payment to income, in accordance with certain requirements. The act further requires the trustee of a trust that qualifies for, or has elected to qualify for, the marital tax deduction, where the separate fund payer provides documentation reflecting the internal income of the separate fund to the trustee, to allocate the internal income of each separate fund for the accounting period as if the separate fund were a trust subject to the act, as provided, and to allocate the balance to the principal. The act provides that, if the separate fund payer does not provide documentation reflecting the internal income of the separate fund to the trustee, but the trustee can determine the value of the separate fund, the internal income of the separate fund is deemed to equal 4% of the fund's value, according to the most recent statement of value preceding the beginning of the accounting period. The act further provides that, in other instances where the separate fund payer does not provide documentation reflecting the internal income of the separate fund to the trustee, the internal income of the fund is deemed to equal the product of the interest rate and the present value of the expected future payments, as determined under a specified federal tax law. This bill would clarify that this latter provision applies where the separate fund payer does not provide documentation reflecting the internal income of the separate fund to the trustee and the trustee cannot determine the value of the separate fund.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 71, Statutes of 2010.

  2. Approved by the Governor.

  3. Enrolled and to the Governor at 10:30 a.m.

  4. In Assembly. To enrollment.

  5. Read third time, passed, and to Assembly. (Ayes 32. Noes 0. Page 4100.)

  6. Ordered to Special Consent Calendar.

  7. Read second time. To third reading.

  8. From committee: Do pass. (Ayes 5. Noes 0.) (June 15).

  9. In committee: Set, first hearing. Hearing canceled at the request of author.

  10. Referred to Com. on JUD.

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

  12. Read third time, passed, and to Senate. (Ayes 71. Noes 0. Page 3816.)

  13. Read second time. To Consent Calendar.

  14. From committee: Do pass. To Consent Calendar. (January 11).

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

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

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

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

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

  20. From printer. May be heard in committee March 8.

  21. Read first time. To print.

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

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

Sponsors (1)

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

Special Consent #28 AB229 Charles Calderon

Passed 33 Yea · 0 Nay · 7 Other
Party YeaNayPresentNot Voting
Unaffiliated 30007
Democratic 2000
Republican 1000
Total 33007
% of votes cast 83%0%0%18%
How each member voted (40)
Member Party Vote
Yee — Yea
Hancock — Yea
Harman — Yea
Hollingsworth — Yea
Corbett — Yea
Huff — Yea
Kehoe — Not Voting
Leno — Yea
Liu — Yea
Lowenthal — Yea
Negrete — Yea
Runner — Yea
McLeod — Yea
Ashburn — Yea
Ducheny — Yea
Dutton — Yea
Pavley — Yea
Romero — Yea
Walters — Yea
Wolk — Yea
Wyland — Not Voting
Oropeza — Not Voting
Aanestad — Yea
Alquist — Yea
Price — Yea
Simitian — Yea
Steinberg — Yea
Wiggins — Not Voting
Wright — Yea
Cedillo — Yea
Cogdill — Yea
Emmerson — Yea
Correa — Not Voting
Cox — Yea
DeSaulnier — Not Voting
Denham — Yea
Florez — Not Voting
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass.

Passed 5 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 5000
Total 5000
% of votes cast 100%0%0%0%
How each member voted (5)
Member Party Vote
Hancock — Yea
Harman — Yea
Corbett — Yea
Walters — Yea
Leno — Yea

Official roll call →

AB 229 CALDERON Consent Calendar Second Day

Passed 81 Yea · 0 Nay · 9 Other
Party YeaNayPresentNot Voting
Unaffiliated 76008
Democratic 2001
Republican 3000
Total 81009
% of votes cast 90%0%0%10%
How each member voted (90)
Member Party Vote
Coto — Yea
De — Yea
La — Yea
Cook — Yea
Chesbro — Yea
Conway — Yea
Bill — Yea
Tom — Yea
Adams — Yea
Anderson — Yea
Beall — Yea
Torre — Yea
De — Yea
Leon — Yea
Fletcher — Yea
Fong — Yea
V. — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Saldana — Yea
Audra — Yea
Charles — Not Voting
Eng — Yea
Bonnie — Not Voting
Lowenthal — Not Voting
Carter — Not Voting
Feuer — Yea
Fuentes — Yea
Furutani — Yea
Galgiani — Yea
Gilmore — Yea
Brownley — Not Voting
Hagman — Yea
Hall — Not Voting
Hayashi — Yea
Hernandez — Yea
Huber — Yea
Jeffries — Yea
Knight — Yea
Lieu — Yea
Mendoza — Yea
Miller — Yea
Monning — Yea
Nestande — Yea
Ruskin — Yea
Silva — Yea
Smyth — Yea
Solorio — Yea
Torlakson — Yea
Torres — Yea
Tran — Yea
Villines — Yea
Ammiano — Yea
Bass — Not Voting
Blakeslee — Yea
Block — Yea
Blumenfield — Yea
Bradford — Yea
Buchanan — Yea
Harkey — Yea
Hill — Yea
Huffman — Yea
Logue — Yea
Ma — Yea
Nava — Yea
Nielsen — Yea
Skinner — Yea
Swanson — Yea
Torrico — Yea
Emmerson — Yea
Evans — Yea
Davis — Not Voting
DeVore — Yea
Yamada — Yea
Fuller — Yea
Garrick — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bill Berryhill — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Not Voting
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass, to Consent Calendar.

Passed 9 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 8001
Democratic 1000
Total 9001
% of votes cast 90%0%0%10%
How each member voted (10)
Member Party Vote
Charles — Yea
Fong — Yea
Portantino — Yea
Coto — Yea
Harkey — Yea
Ma — Yea
Nestande — Yea
Beall — Yea
DeVore — Not Voting
Calderon, Lisa Democratic Yea

Official roll call →

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 229 do?
Existing law, the Uniform Principal and Income Act, requires a trust to be administered with due regard to the respective interests of defined income beneficiaries and remainder beneficiaries. 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 requires the trustee, in order to obtain an estate tax marital deduction for a trust, to allocate a prescribed amount of a payment to income, in accordance with certain requirements. The act further requires the trustee of a trust that qualifies for, or has elected to qualify for, the marital tax deduction, where the separate fund payer provides documentation reflecting the internal income of the separate fund to the trustee, to allocate the internal income of each separate fund for the accounting period as if the separate fund were a trust subject to the act, as provided, and to allocate the balance to the principal. The act provides that, if the separate fund payer does not provide documentation reflecting the internal income of the separate fund to the trustee, but the trustee can determine the value of the separate fund, the internal income of the separate fund is deemed to equal 4% of the fund's value, according to the most recent statement of value preceding the beginning of the accounting period. The act further provides that, in other instances where the separate fund payer does not provide documentation reflecting the internal income of the separate fund to the trustee, the internal income of the fund is deemed to equal the product of the interest rate and the present value of the expected future payments, as determined under a specified federal tax law. This bill would clarify that this latter provision applies where the separate fund payer does not provide documentation reflecting the internal income of the separate fund to the trustee and the trustee cannot determine the value of the separate fund.
Who sponsors AB 229?
AB 229 is sponsored by Calderon, Lisa (Democratic).
What is the current status of AB 229?
This bill has been enacted into law. Introduced February 05, 2009. Enacted.
Where can I track AB 229?
Track AB 229 free on One Click Politics — get push/email alerts when it moves.

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