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Text: H05036                            Text: H05038
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House Amendment 5037

Amendment Text

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, to the extent
  1 12 not taken as a credit for federal estate tax purposes,
  1 13 by the taxpayer who is the father or mother, son or
  1 14 daughter, including legally adopted sons and daughters
  1 15 or biological sons and daughters, stepchild, or
  1 16 grandchild of the decedent.
  1 17    Any credit in excess of the tax liability for the
  1 18 tax year may be credited to the tax liability for the
  1 19 following ten tax years or until depleted, whichever
  1 20 is the earlier."
  1 21    #2.  Page 3, line 27, by inserting after the figure
  1 22 "1996" the following:  "for inheritance tax paid
  1 23 during income tax years ending after that date".
  1 24    #3.  Title page, line 4, by striking the words
  1 25 "exemptions from the state inheritance tax" and
  1 26 inserting the following:  "income tax credit for state
  1 27 inheritance tax paid".  
  1 28 
  1 29 
  1 30                              
  1 31 WEIGEL of Chickasaw
  1 32 HF 2111.206 76
  1 33 mg/jj
     

Text: H05036                            Text: H05038
Text: H05000 - H05099                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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