ID H0472

Adds Section 15-1-501 to Idaho Code to establish how formula clauses in wills and trusts referencing federal estate and gift tax provisions shall be interpreted for decedents dying between December 31, 2009, and January 1, 2011.

Specifies that formulas referring to "unified credit," "estate tax exemption," "applicable exemption amount," "marital deduction," or similar federal tax terms shall be deemed to reference tax law as it applied on December 31, 2009.

Allows personal representatives, trustees, or affected beneficiaries to bring a court proceeding within 12 months of death to determine if the decedent intended different tax law treatment, with no proceedings allowed after that 12-month deadline.

Applies retroactively to January 1, 2010, and to all proceedings pending in Idaho courts on the effective date of the act.

Declares an emergency to make the act effective immediately upon passage and approval.