Matricciani, Cheryl F.

English

University of Baltimore School of Law

University of Baltimore Law ForumVolume 29Number 2 Spring/Summer 1999 Article 321999Recent Developments: House Bill 177: HolocaustVictims - Inheritance Tax and Income Tax -Insurance PoliciesCheryl F. MatriccianiFollow this and additional works at: http://scholarworks.law.ubalt.edu/lfPart of the Law CommonsThis Article is brought to you for free and open access by ScholarWorks@University of Baltimore School of Law. It has been accepted for inclusion inUniversity of Baltimore Law Forum by an authorized editor of ScholarWorks@University of Baltimore School of Law. For more information, pleasecontact snolan@ubalt.edu.Recommended CitationMatricciani, Cheryl F. (1999) "Recent Developments: House Bill 177: Holocaust Victims - Inheritance Tax and Income Tax -Insurance Policies," University of Baltimore Law Forum: Vol. 29 : No. 2 , Article 32.Available at: http://scholarworks.law.ubalt.edu/lf/vol29/iss2/32Recent Developments HOUSE BILL 177: HOLOCAUST VICTIMS - INHERITANCE TAX AND INCOME TAX - INSURANCE POLICIES By Cheryl F. Matricciani H ouse Bill 177 allows Holocaust victims an income tax subtraction modification for (1) income related to tangible or intangible property that was seized, misappropriated, or lost during the Nazi regime; and (2) reparation/restitution payments to Holocaust victims, the victim's spouse or descendant. Additionally, interest on the proceeds received on insurance policies issued between January 1, 1929 and December 31, 1945 to Holocaust victims is excluded from state income tax and inheritance tax. The Bill also requires the Insurance Commissioner to arrange for a toll-free telephone number to assist persons seeking to recover insurance proceeds covering the life or property of a Holocaust victim. Insurance companies doing business in the State are required to act expeditiously in resolving claims of Holocaust victims. Further, insurance companies shall resolve claims irrespective of any statute oflimitations or notice requirements required by law. The Insurance Commissioner may require insurers to file a report concerning the insurance policies issued to, and claims filed on behalf, of Holocaust victims. An insurer that violates specified provisions of the bill is subject to a civil penalty of up to $100,000 for each day the violation continues. This Bill took effect on July 1, 1999. The subtraction modification will be applicable to all taxable years beginning after December 31, 1998. 29.2 U. Bait L.F. 94 UNWERSITY OF BALTIMORE LAW ALUMNI RESOURCE DIRECTORY NAME: Please check any area Of interest and complete the form below. Send completed form to: University of Baltimore Alumni Services Attn: Law Resources Directory 1304 St. Paul Street Baltimore, Maryland 21202 fax: (410) 837-6175 e-mail: ksennett@ubmail.ubalt.edu o Mentor first year law students; o Speak to a class of students about your practice speciality; o Judge a trial and/or appellate advocacy program; o Participate in the EXPLOR Program; o Serve on the Alumni Association's Law Liaison Committee; o Serve on reunion committee; and/or o Assist in fund raising activities for the School of Law. POSITION: EMPLOYER: EMPLOYER'S ADDRESS: WORK PHONE: HOME ADDRESS: CITY, STATE, ZIP: HOME PHONE: YEAR OF GRADUATION: PRACTICE SPECIALITY AREAS: E-MAlLADDRESS: __________________________________________ __ 29.2 U. Bait. L.F. 95 

Recent Developments: House Bill 177: Holocaust Victims - Inheritance Tax and Income Tax - Insurance Policies

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Recent Developments: House Bill 177: Holocaust Victims - Inheritance Tax and Income Tax - Insurance Policies

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