California Adopts Uniform Fiduciary Income and Principal Act

On June 29, 2023, California Governor signed SB 522, which adopts the Uniform Fiduciary Income and Principal Act (UFIPA). See California Governor Signs Trust Income Tax Law Creating Uniform Fiduciary Income, Principal Act, Bloomberg Tax, July 3, 2023; Allison Bell, California Replaces a Trust Investment Law, Think Advisor, July 7, 2023.

California is the seventh state to adopt the latest version of the UFIPA, joining Arkansas, Colorado, Kansas, Utah, Washington, and West Virginia. Missouri introduced legislation to adopt the UFIPA. (New York has enacted the 2000 Revision of the law.)

The Uniform Law Commission revised UFIPA in July 2018, "which made many changes that are worth discussing." Ronald D. Aucutt, Podcast: The New Uniform Income and Principal Act, ACTEC, June 11, 2019.