Bill Text: MS SB2878 | 2011 | Regular Session | Comm Sub
Bill Title: Federal estate tax exemption; provide rule of construction for certain will and testaments.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2011-02-10 - Died In Committee [SB2878 Detail]
Download: Mississippi-2011-SB2878-Comm_Sub.html
MISSISSIPPI LEGISLATURE
2011 Regular Session
To: Judiciary, Division A
By: Senator(s) Fillingane
Senate Bill 2878
(COMMITTEE SUBSTITUTE)
AN ACT TO PROVIDE THAT CERTAIN PROVISIONS IN THE WILLS AND TESTAMENTS OF DECEDENTS WHO PASSED AWAY IN 2010 SHALL BE CONSTRUED IN THE CONTEXT OF FEDERAL ESTATE TAXATION LAW; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Certain formula clauses to be construed to refer to federal estate and generation-skipping transfer tax laws applicable to estates of decedents dying after December 31, 2009, and before January 1, 2011.
(1) A will or trust of a decedent who dies after December 31, 2009, and before January 1, 2011, that contains a formula referring to the "unified credit," "estate tax exemption," "applicable exemption amount," "applicable credit amount," "applicable exclusion amount," "generation-skipping transfer tax exemption," "GST exemption," "marital deduction," "maximum marital deduction," "unlimited marital deduction," "inclusion ratio," "applicable fraction," or any section of the Internal Revenue Code relating to the federal estate tax or generation-skipping transfer tax, or that measures a share of an estate or trust based on the amount that can pass free of federal estate taxes or the amount that can pass free of federal generation-skipping transfer taxes, or that is otherwise based on a similar provision of federal estate tax or generation-skipping transfer tax law, shall be deemed to refer to the federal estate tax and generation-skipping transfer tax laws as they applied with respect to estates of decedents dying on December 31, 2010. This provision shall not apply (a) with respect to a will or trust that manifests an intent that a contrary rule shall apply if the decedent dies on a date on which there is no then-applicable federal estate or generation-skipping transfer tax; or (b) if the personal representative of the estate validly elects carryover basis for the assets of the estate in lieu of estate tax (as provided for under Section 301 (c) of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Public Law 111-312, H.R. 4853))
(2) The personal representative or any affected beneficiary under the will or other instrument may bring a proceeding to determine whether the decedent intended that the formulae under subsection (1) be construed with respect to the law as it existed after December 31, 2009. Such a proceeding shall be commenced within twenty-four (24) months following the death of the testator or grantor.
SECTION 2. This act shall take effect and be in force from and after January 1, 2010.
