SB376 clarifies that the income of an incomplete gift nongrantor trust is not included in a qualified taxpayer's gross income under certain.

SB376 amends Section 17082 of the Revenue and Taxation Code to clarify that the income of an incomplete gift nongrantor trust is not included in a qualified taxpayer's gross income if specific conditions are met. These conditions include the fiduciary filing an original California Fiduciary Income Tax Return and making an irrevocable election to be taxed as a resident nongrantor trust. The bill also defines "incomplete gift nongrantor trust" and "qualified taxpayer," and specifies that the transfer of assets to the trust is treated as an incomplete gift under the Internal Revenue Code.

SB376 clarifies that the income of an incomplete gift nongrantor trust is not included in a qualified taxpayer's gross income under certain.

SB376 amends Section 17082 of the Revenue and Taxation Code to clarify that the income of an incomplete gift nongrantor trust is not included in a qualified taxpayer's gross income if specific conditions are met. These conditions include the fiduciary filing an original California Fiduciary Income Tax Return and making an irrevocable election to be taxed as a resident nongrantor trust. The bill also defines "incomplete gift nongrantor trust" and "qualified taxpayer," and specifies that the transfer of assets to the trust is treated as an incomplete gift under the Internal Revenue Code.