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Senate Study Bill 1007 - IntroducedA Bill ForAn Act 1relating to an exception to the real estate transfer
2tax for deeds that transfer distributions of assets to
3beneficiaries of a trust.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 428A.2, subsection 20, Code 2023, is
2amended to read as follows:
320. Deeds transferring distributions of assets to heirs at
4law, or devisees under a will, or beneficiaries of a trust.
5EXPLANATION
6The inclusion of this explanation does not constitute agreement with
7the explanation’s substance by the members of the general assembly.
8This bill creates an exception to the real estate transfer
9tax for deeds that transfer distributions of assets to
10beneficiaries of a trust. By operation of law, a declaration
11of value is not required to be submitted to the county recorder
12for such transfers under Code sections 428A.1(2) and 428A.4(2).
-1-ko/ns
2tax for deeds that transfer distributions of assets to
3beneficiaries of a trust.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 428A.2, subsection 20, Code 2023, is
2amended to read as follows:
320. Deeds transferring distributions of assets to heirs at
4law, or devisees under a will, or beneficiaries of a trust.
5EXPLANATION
6The inclusion of this explanation does not constitute agreement with
7the explanation’s substance by the members of the general assembly.
8This bill creates an exception to the real estate transfer
9tax for deeds that transfer distributions of assets to
10beneficiaries of a trust. By operation of law, a declaration
11of value is not required to be submitted to the county recorder
12for such transfers under Code sections 428A.1(2) and 428A.4(2).
-1-ko/ns