Introduced by Rep. Peter Pettalia (R) on May 8, 2014, to exempt the transfer of residential property from a decedent to a trust whose beneficiaries are members of the decedent’s family from the taxable value “bump up,” wherein the new basis for property tax assessments becomes the property’s state equalized value (market value), rather than the capped “taxable value” of the previous owner. The exemption would apply when there is no change to the use of the property.
Referred to the House Tax Policy Committee on May 8, 2014.
Reported in the House on June 4, 2014, with the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Amendment offered by Rep. Vicki Barnett (D) on June 5, 2014, to define "spouse" in the bill as "any person in a marital relationship legally recognized" in any other state, which would include states that recognize homosexual marriage. The amendment failed by voice vote in the House on June 5, 2014.
Amendment offered by Rep. Douglas Geiss (D) on June 5, 2014, to also exempt from the taxable value "bump up" a principle residence that was acquired to replace another principle residence in the same county that was taken under eminent domain. The amendment failed by voice vote in the House on June 5, 2014.