AB 672 enacted, eliminates need for estate income tax clearance certificate.

It's been a few months since Gov. Brown signed Assembly Bill 672, which eliminates the need for an estate income tax clearance certificate, and the bill took effect Jan. 1, 2014, and operative 'vith respect to final accounts by fiduciaries of estates that are allowed by a probate court on or after Jan. 1, 2014. Specific provisions of this law:

* Eliminates the estate income tax clearance requirements for estates that have an appraised value in excess of $1 million and aggregate distributions to nonresident beneficiaries in excess of $250.000.

* Removes FIB authority to provide estate income Lax clearance certificates and...