This bill amends several sections of Louisiana law to remove references to a previously repealed inheritance tax and to update related notification requirements. Specifically, it modifies R.S. 6:314(E) to clarify that banks are not liable for any estate or succession taxes due to the state when paying beneficiaries, and it eliminates the requirement for tax collectors or creditors to have a cause of action against financial institutions for such payments. Additionally, R.S. 9:1515(C) and (D) are revised to allow employers to make payments to surviving spouses or children without needing to determine if any inheritance taxes are due, and it removes the requirement for employers to submit affidavits to the Department of Revenue regarding these payments.

Furthermore, R.S. 47:2437 is amended to allow the secretary to enter into agreements with estates for the installment payment of estate transfer taxes, while also removing references to the inheritance tax in this context. The bill aims to streamline the process for handling estate-related payments and clarify the legal responsibilities of banks and employers in these situations. Overall, the changes reflect a technical update to the law following the repeal of the inheritance tax, ensuring that existing legal frameworks remain clear and applicable.

Statutes affected:
HB718 Original: 6:314(E), 9:1515(C)
HB718 Engrossed: 6:314(E), 9:1515(C)
HB718 Enrolled: 6:314(E), 9:1515(C)
HB718 Act 84: 6:314(E), 9:1515(C)