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PARRIS N. GLENDENING, Governor
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Ch. 479
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contribution deduction is reduced because a fiduciary deducts an amount paid from
principal for income tax purposes instead of deducting it for estate tax purposes, and
as a result estate taxes paid from principal are increased and income taxes paid by an
estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that
benefits from the decrease in income tax shall reimburse the principal from which the
increase in estate tax is paid.
(2) The total reimbursement must equal the increase in the estate
tax to the extent that the principal used to pay the increase would have qualified for
a marital deduction or charitable contribution deduction but for the payment.
(3) The proportionate share of the reimbursement for each estate,
trust, or beneficiary whose income taxes are reduced must be the same as its
proportionate share of the total decrease in income tax. An estate or trust shall
reimburse principal from income.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act applies to each
trust or decedent's estate existing on or after the effective date of this Act.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2002.
Approved May 16, 2002.
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CHAPTER 479
(Senate Bill 646)
AN ACT concerning
Crimes - Vulnerable Adult - Exploitation Prohibited
FOR the purpose of making it unlawful for any person to knowingly and willfully
obtain or use, or endeavor to obtain or use, by deception, intimidation, or undue
influence, certain property of a vulnerable adult with the intent to temporarily
or permanently deprive the vulnerable adult of certain benefits of the property;
providing criminal penalties which depend on the value of the property taken;
providing that the defendant shall restore the property taken or its value to the
vulnerable adult or the vulnerable adult's estate; providing certain sentencing
provisions; providing that a person convicted under this section is disqualified
from inheriting, taking, or otherwise benefitting from certain property of the
vulnerable adult, whether by operation of law or pursuant to a legal document
entered into by the vulnerable adult before the defendant shall have been
convicted under this section and shall have made full restoration of the certain
property taken or of its value to the vulnerable adult; providing for the
construction of this Act; defining certain terms; establishing that the District
Court has jurisdiction concurrent with a circuit court in cases involving
financial exploitation of a vulnerable adult; making stylistic changes; and
generally relating to the financial exploitation of a vulnerable adult.
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- 3819 -
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