Bill No.: HB0251 Drafter: JHR


LSO No.: 09LSO-0572 Effective Date: 2/26/2009


Enrolled Act No.: HEA0049


Chapter No.: 71


Prime Sponsor: Representative Gingery


Catch Title: Trusts-retirement funds accounting.


Subject: Provides procedures for valuing the income from specified retirement funds in trust.




Summary/Major Elements:

         The Internal Revenue Service issued Revenue Ruling 2006-26 that listed safe harbors that would enable qualified retirement plan accounts and Individual Retirement Accounts, where a marital trust was the beneficiary, to qualify for a marital deduction for federal estate tax purposes. Without the marital deduction, such retirement plans and IRAs would be subject to taxation at the death of the first spouse to die, thereby accelerating the application or assessment of federal income tax on such assets.


         This bill would amend provisions in the Wyoming Uniform Principal and Income Act and the Wyoming Unitrust Act to conform with Revenue Ruling 2006-26, consistent with recommendations from the National Conference of Commissioners on Uniform State Laws (NCCUSL).