CHAPTER 189

FORMERLY

HOUSE BILL NO. 143

AN ACT TO AMEND SUBCHAPTER IV OF CHAPTER 11 OF TITLE 30 OF THE DELAWARE CODE RELATING TO THE TAXATION OF ESTATES, TRUSTS AND BENEFICIARIES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend Section 1133 of Title 30 of the Delaware Code by adding a new subsection (d) at the end thereof to read as follows:

"(d) Designated and qualified settlement funds. A trust that is a designated or qualified settlement fund (as defined in § 468B of the Internal Revenue Code of 1986 [26 U.S.C. § 46813], as amended, or Treas. Reg. § 1.468B-1 [26 C.F.R. § 1.468B-1]) shall be characterized as a trust for all purposes of this title and shall not be subject to tax under this chapter."

Section 2. This Act shall become effective on the date of enactment.

Approved July 16, 1997