SB 341
Reduces the required size of real property and the percentage of value of the adjusted gross estate necessary for real property to qualify for a natural resource property credit against estate tax, where the real property is forestland or forestland homesites.
| Status | In Senate Committee (SNRW) |
| Sponsors | David Brock Smith (Republican) (Chief) |
| Fiscal impact | May have fiscal impact, but no statement yet issued |
| Revenue impact | May have revenue impact, but no statement yet issued |
Bill Text
Reduces the required size and value percentage of forestland and forestland homesites needed to qualify for natural resource property estate tax credits.
Sponsors#
Chief Sponsors: David Brock Smith
Overview#
Digest: The Act makes the amount and percentage of certain forest land required to claim estate credit smaller. (Flesch Readability Score: 61.6). Reduces the required size of real property and the percentage of value of the adjusted gross estate necessary for real property to qualify for a natural resource property credit against estate tax, where the real property is forestland or forestland homesites. Applies to estates of decedents dying on or after January 1, 2026. Takes effect on the 91st day following adjournment sine die.
Legislative History
| Date | Chamber | Action |
|---|---|---|
| 2025-01-13 | S | Introduction and first reading. Referred to President's desk. |
| 2025-01-17 | S | Referred to Natural Resources and Wildfire. |
| 2025-06-27 | S | In committee upon adjournment. |