ARIZONA HOUSE OF REPRESENTATIVES SECOND REGULAR SESSION - 1998

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DPA For Committee on WAYS AND MEANS

___ For Committee on

_X_ For Caucus and COW

__ As Passed the House

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Bill Summary for HB 2680

income tax credit; estate taxes Sponsors: Griffin, McGibbon, Flake, McGrath: et al

HB 2680 allows a credit against the amount of estate and trust taxes imposed for the amount of taxes that the taxpayer actually paid to the state as estate or generation skipping taxes. The state credit is allowed only to the extent that the amounts computed pursuant to the estate and generation skipping tax statutes are not required to be paid to the federal government. An unused amount of the credit may be carried forward up to five consecutive years.

HB 2680 is effective and applies to tax years beginning from and after tax year 1999.

HB 2680 was amended in the Ways and Means Committee as follows:

- Technical amendment to clarify that the tax credit may only be carried forward up to five consecutive years.

Prepared by: Melodie Jones, Steve Purkeypile

hb2680.cow 2/18/98 bh

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