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IN SB0426
Bill
Status
1/14/2019
Primary Sponsor
Randall Head
Click for details
AI Summary
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Creates a new "excluded trust" category that is not considered a resident trust for Indiana tax purposes and is exempt from filing adjusted gross income tax returns
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Excluded trusts must be irrevocable trusts with property transferred by a non-Indiana resident, have no trustees who are Indiana residents or Indiana-domiciled partners/corporations, and hold all assets outside Indiana
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Trusts must be governed by Indiana law with situs and administration in Indiana, but derive all income and gains from sources outside Indiana
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Effective date is January 1, 2020
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Amends IC 6-3 (Indiana tax code) to add the excluded trust definition and modify resident trust filing requirements
Legislative Description
Trusts. Provides that an "excluded trust" is not a resident trust and is not required to file an adjusted gross income tax return. Defines "excluded trust" as a trust that satisfies all of the following conditions: (1) The trust is an irrevocable trust consisting of property transferred to the trust by a person who is not a resident of Indiana at the time of the transfer. (2) None of the trustees of the trust are: (A) Indiana residents; or (B) partners or corporations domiciled in Indiana. (3) The entire corpus of the trust is located outside Indiana. (4) The trust
Last Action
First reading: referred to Committee on Judiciary
1/14/2019