SB337 Alabama 2016 Session
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Bill Summary
Sponsors
Session
Regular Session 2016
Title
Trusts, qualified trusts expanded to include certain benefits of qualified pension plans, stock bonus plans, and profit sharing plans to exclude from federal bankruptcy laws, Sec. 19-3B-508 am'd.
Description
Currently, benefits provided pursuant to a qualified trust may not be assigned and are exempt from certain federal bankruptcy or insolvency laws
This bill would further define qualified trusts to include trusts formed as part of certain qualified pension plans, qualified stock bonus plans, and profit sharing plans
To amend Section 19-3B-508 of the Code of Alabama 1975, relating to qualified trusts under the federal tax code; to further define the term qualified trust; to provide for the treatment of benefits of such trusts for purposes of assignment or alienation of such accounts and the exclusion from federal bankruptcy and insolvency laws.
Subjects
Trusts
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 27, 2016 | H | Pending third reading on day 28 Favorable from Financial Services |
| April 27, 2016 | H | Read for the second time and placed on the calendar |
| April 19, 2016 | S | Engrossed |
| April 19, 2016 | S | Motion to Read a Third Time and Pass adopted Roll Call 657 |
| April 19, 2016 | S | Blackwell motion to Adopt adopted Roll Call 656 |
| April 19, 2016 | S | Blackwell Amendment Offered |
| April 19, 2016 | S | Blackwell motion to Adopt adopted Roll Call 655 |
| April 19, 2016 | S | Banking and Insurance Amendment Offered |
| April 19, 2016 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
| April 19, 2016 | S | Third Reading Passed |
| April 7, 2016 | S | Reported from Banking and Insurance as Favorable with 1 amendment |
| March 8, 2016 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 27, 2016 | Room 428 at 09:00 | House FS Hearing |
| Hearing | April 6, 2016 | Room 320 **REVISION #2 - BILL ADDED** at 11:30 | Senate B&I Hearing |
| Hearing | April 6, 2016 | Room 320 **REVISION #1 - PH ADDED** at 11:30 | Senate B&I Hearing |
| Hearing | April 6, 2016 | Room 320 at 11:30 | Senate B&I Hearing |