Amendment #295 to H5007

Consistent treatment of life estates

Mr. Murray of Milford moves to amend the bill by adding the following section:

SECTION XXXX.

(a). Section 28 of chapter 118E of the general laws is hereby amended by adding at the end thereof the following: “In determining the eligibility of an individual who has disposed of a life estate or remainder interest in property, the Division shall determine the percentage interest of such life estate or remainder interest in accordance with 26 CFR 20-2031-7.”

(b).  Section 31 of said chapter 118E is hereby amended in subsection (d) by inserting after the word “sold.” The following: “If the property against which the division has a lien or encumbrance is a life estate or remainder interest, the percentage interest against which the division may recover upon a sale shall be determined in accordance with 26 CFR 20.2031-7.”

Additional co-sponsor(s) added to Amendment #295 to H5007

Consistent treatment of life estates