LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION April 14, 2013 TO: Honorable Tryon D. Lewis, Chair, House Committee on Judiciary & Civil Jurisprudence FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2189 by Elkins (Relating to the rule against perpetuities.), As Introduced No fiscal implication to the State is anticipated. The bill amends Section 112.036 of the Property Code relating to the Rule Against Perpetuities. Provided the effective date of a trust is on or after September 1, 2013, the bill provides an interest in a trust must vest, if at all, not later than 500 years after the effective date of the trust. For most trusts with an effective date before September 1, 2013, the trust must vest no later than 21 years after some life in being at the time of the creation of the interest, plus a period of gestation. No fiscal impact to the State is anticipated. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:212 Office of Court Administration, Texas Judicial Council LBB Staff: UP, CL, SD, SJS, TP
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION
April 14, 2013
TO: Honorable Tryon D. Lewis, Chair, House Committee on Judiciary & Civil Jurisprudence FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2189 by Elkins (Relating to the rule against perpetuities.), As Introduced
TO: Honorable Tryon D. Lewis, Chair, House Committee on Judiciary & Civil Jurisprudence
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB2189 by Elkins (Relating to the rule against perpetuities.), As Introduced
Honorable Tryon D. Lewis, Chair, House Committee on Judiciary & Civil Jurisprudence
Honorable Tryon D. Lewis, Chair, House Committee on Judiciary & Civil Jurisprudence
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
HB2189 by Elkins (Relating to the rule against perpetuities.), As Introduced
HB2189 by Elkins (Relating to the rule against perpetuities.), As Introduced
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill amends Section 112.036 of the Property Code relating to the Rule Against Perpetuities. Provided the effective date of a trust is on or after September 1, 2013, the bill provides an interest in a trust must vest, if at all, not later than 500 years after the effective date of the trust. For most trusts with an effective date before September 1, 2013, the trust must vest no later than 21 years after some life in being at the time of the creation of the interest, plus a period of gestation. No fiscal impact to the State is anticipated.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 212 Office of Court Administration, Texas Judicial Council
212 Office of Court Administration, Texas Judicial Council
LBB Staff: UP, CL, SD, SJS, TP
UP, CL, SD, SJS, TP