HF2691 Summary

• Amends estate tax provisions to expand definition of "family member" to include trusts with family member beneficiaries and restructures qualified property requirements for small business and farm property exclusions, effective for estates of decedents dying after June 30, 2011.

• Modifies property tax classifications for agricultural land and homestead property, including updates to agricultural land definitions, class 2a/2b rates, and provisions for avoiding additional taxes on certain property transfers (death, divorce, marriage, trust transfers), effective after final enactment and for assessment year 2013.

• Creates new automobile theft prevention surcharge of 50 cents per vehicle per six months on comprehensive automobile insurance policies, with surcharge revenue transferred to general fund and automobile theft prevention program, effective for premiums collected after June 30, 2012.

• Updates sales and use tax presumptions and burden of proof standards for exemption certificates, and revises definitions for wholesale sales price of tobacco products and qualified brewer tax credits.

• Makes technical changes to administrative procedures including electronic notification authority, wage levy reporting requirements, and various tax filing and appeal deadlines.