Text: H05018 Text: H05020 Text: H05000 - H05099 Text: H Index Bills and Amendments: General Index Bill History: General Index
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-->PAG LIN 1 1 Amend House File 2111 as follows: 1 2 #1. By striking page 2, line 19, through page 3, 1 3 line 25, and inserting the following: 1 4 "INHERITANCE TAX CREDIT ON INCOME TAX 1 5 Sec. . NEW SECTION. 422.12A INHERITANCE TAX 1 6 CREDIT. 1 7 The taxes imposed under this division, less the 1 8 credits allowed under sections 422.12 and 422.12B, 1 9 shall be reduced by an inheritance tax credit. The 1 10 inheritance tax credit is equal to the amount of Iowa 1 11 inheritance tax paid under chapter 450 by the taxpayer 1 12 who is the father or mother, son or daughter, 1 13 including legally adopted sons and daughters or 1 14 biological sons and daughters, stepchild, or 1 15 grandchild of the decedent. 1 16 Any credit in excess of the tax liability for the 1 17 tax year may be credited to the tax liability for the 1 18 following ten tax years or until depleted, whichever 1 19 is the earlier." 1 20 #2. Page 3, line 27, by inserting after the figure 1 21 "1996" the following: "for inheritance tax paid 1 22 during income tax years ending after that date". 1 23 #3. Title page, line 4, by striking the words 1 24 "exemptions from the state inheritance tax" and 1 25 inserting the following: "income tax credit for state 1 26 inheritance tax paid". 1 27 1 28 1 29 1 30 WEIGEL of Chickasaw 1 31 HF 2111.201 76 1 32 mg/jj
Text: H05018 Text: H05020 Text: H05000 - H05099 Text: H Index Bills and Amendments: General Index Bill History: General Index
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