LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION March 7, 2021 TO: Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB654 by Lucio III (Relating to the rule against perpetuities.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Property Code to create a new vesting deadline for the rule against perpetuities for an interest in a trust, other than a charitable trust. For a trust that becomes effective, or irrevocable, on or after September 1, 2021, an interest in the trust must vest, if at all, no later than 300 years after the effective date of the trust. The current rule against perpetuities would continue to apply if the effective date of the trust is before September 1, 2021, unless the trust instrument specifies that the new 300-year period applies.Based on information provided by the Office of Court Administration, no significant fiscal impact to the state court system is anticipated. Local Government ImpactNo significant fiscal implication to units of local government is anticipated. Source Agencies: b > td > 212 Office of Court Admin LBB Staff: b > td > JMc, SLE, MW, BH
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
March 7, 2021
TO: Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB654 by Lucio III (Relating to the rule against perpetuities.), As Introduced
TO: Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB654 by Lucio III (Relating to the rule against perpetuities.), As Introduced
Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence
Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB654 by Lucio III (Relating to the rule against perpetuities.), As Introduced
HB654 by Lucio III (Relating to the rule against perpetuities.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the Property Code to create a new vesting deadline for the rule against perpetuities for an interest in a trust, other than a charitable trust. For a trust that becomes effective, or irrevocable, on or after September 1, 2021, an interest in the trust must vest, if at all, no later than 300 years after the effective date of the trust. The current rule against perpetuities would continue to apply if the effective date of the trust is before September 1, 2021, unless the trust instrument specifies that the new 300-year period applies.Based on information provided by the Office of Court Administration, no significant fiscal impact to the state court system is anticipated.
Based on information provided by the Office of Court Administration, no significant fiscal impact to the state court system is anticipated.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 212 Office of Court Admin
212 Office of Court Admin
LBB Staff: b > td > JMc, SLE, MW, BH
JMc, SLE, MW, BH