For decedents who die on or after January 1, 2012, a lawyer should be aware of the
sunset provisions contained in the 2001 and 2010 tax acts and plan to advise the personal representative of the potential consequences of the federal law on the Florida state tax.
Even though
sunset provisions do not clearly favor the status quo in the way that many other procedural requirements do, they limit long-term accumulation of policy changes even when these changes are desirable in terms of electorally induced preferences of democratic leaders.
Since the gift tax is not repealed by Tax Act 2001, except for the
sunset provisions, this exclusion remains in effect even after the repeal of the estate and GST taxes.
This is not to say that efforts cannot proceed to reduce compliance and computational burdens through the development of safe harbors and
sunset provisions, de minimis rules, and other regulations that alleviate the volume of paperwork and technical computations.
In contrast to other 2012 prime issuance which had life of loan reps and warranties, this transaction introduces 36-month
sunset provisions for reps and warranties, applied to both fraud and underwriting aspects.
A final report is scheduled for release in fall 2005 to coincide with debate on the
sunset provisions of the USA PATRIOT Act.
Sunset provisions would be written into the legislation.
1) This article will address the
sunset provisions, new income tax rate reductions, marriage penalty relief, and retirement provisions of the tax act.
8) It has been suggested that the retention of the gift tax exclusion at $1 million was necessary to prevent wealthy taxpayers from gifting away increasingly higher amounts between 2004 and 2010 before the
sunset provisions took effect and returned the effective exemption amount to $1 million in 2011; see, e.
As a result of the phase-ins, phase-outs and
sunset provisions, estate planning practitioners appear to have been left with a set of problems that only a crystal ball can solve.
For that reason, the Board hopes that the Congress would commit itself to a siniilar reexaniination of the banking statutes themselves-either through the use of
sunset provisions when appropriate or, less forrnally, through periodic oversight hearings on existing statutes and regulatory burden.
The company is not establishing any
sunset provisions.
