South Dakota trusts can now reimburse trustors (the people who created the trusts) for income taxes owed on trust property, unless the trust document specifically forbids it—as long as an independent trustee or trust advisor makes the decision rather than the trustor themselves. The bill prevents life insurance policies held in trusts from being used to pay these tax reimbursements.
AI-generated summary
Signed by the Governor S.J. 514
Delivered to the Governor S.J. 455
Signed by the Speaker H.J. 493
Signed by the President S.J. 434
House of Representatives Do Pass Passed, YEAS 64, NAYS 2. H.J. 459
Judiciary Do Pass Passed, YEAS 11, NAYS 1. H.J. 29
Judiciary Scheduled for hearing
House of Representatives Referred to House Judiciary H.J. 262
First Reading House H.J. 238
Senate Do Pass Passed, YEAS 34, NAYS 0. S.J. 182
Commerce and Energy Certified uncontested, placed on consent S.J. 7
Commerce and Energy Do Pass Passed, YEAS 8, NAYS 0. S.J. 7
Commerce and Energy Scheduled for hearing
First read in Senate and referred to Senate Commerce and Energy S.J. 66
Prime sponsor · Sen.
R
Prime sponsor · Rep.
R
Cosponsors
Do Pass
Judiciary — Do Pass
Do Pass
Commerce and Energy — Do Pass