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HB 5755

AN ACT RELATING TO TAXATION -- ESTATE AND TRANSFER TAXES -- ENFORCEMENT AND COLLECTION

2025 Regular Session Introduced by Jackie Baginski and 9 co-sponsors

Summary of HB 5755: Estate and Transfer Tax Enforcement and Collection Bill OverviewHB 5755 is a bill introduced in January 2025 that seeks to enhance the enforcement and collectio

05/06/2025 Committee recommended measure be held for further study
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Bill Summary · HB 5755

Summary of HB 5755: Estate and Transfer Tax Enforcement and Collection

Bill Overview

HB 5755 is a bill introduced in January 2025 that seeks to enhance the enforcement and collection of estate and transfer taxes in the state. The bill was recently recommended by a legislative committee to be held for further study, indicating it is still under consideration.

Key Provisions

The main provisions of HB 5755 include:

  1. Increased Reporting Requirements: The bill would require executors of estates and parties involved in property transfers to provide more detailed reporting on asset valuations and tax liabilities to the state Department of Revenue.

  2. Enhanced Auditing Powers: HB 5755 would grant the Department of Revenue expanded authority to audit estate and transfer tax returns, including the ability to access financial records and compel testimony.

  3. Stiffer Penalties: The legislation proposes increasing civil and criminal penalties for failure to properly report or pay estate and transfer taxes owed to the state.

  4. Tax Lien Enforcement: The bill would strengthen the state's ability to place and enforce tax liens on property to collect unpaid estate and transfer tax liabilities.

Potential Impact

If enacted, HB 5755 could have several impacts:

  • Increase the state's ability to identify and collect unpaid estate and transfer taxes, potentially generating additional revenue.
  • Place greater compliance burdens and risks on executors, heirs, and parties involved in property transfers.
  • Prompt more extensive auditing and legal disputes around estate and transfer tax assessments.
  • Disproportionately affect lower- and middle-income families that may have more difficulty navigating the added reporting and enforcement requirements.

Overall, HB 5755 is aimed at enhancing the state's estate and transfer tax collection efforts, though its specific impacts would depend on the final version of the legislation and how it is implemented.

Compiled from official sources — confirm details with the bill’s official record.

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