Text: HF00531 Text: HF00533 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 450.2, Code 1995, is amended by adding
1 2 the following new unnumbered paragraph:
1 3 NEW UNNUMBERED PARAGRAPH. Property passing from estates of
1 4 decedents dying on or after July 1, 1999, is not subject to
1 5 tax under this chapter. This chapter is repealed July 1,
1 6 1999, for property of estates of decedents dying on or after
1 7 July 1, 1999.
1 8 Sec. 2. Section 450.10, Code 1995, is amended by adding
1 9 the following new subsection:
1 10 NEW SUBSECTION. 8. For property, interest in property, or
1 11 income from property passing from estates of decedents dying
1 12 during the following fiscal years the tax rates under
1 13 subsections 1 through 6 shall be a percentage of those
1 14 specified as follows:
1 15 a. For the fiscal year beginning July 1, 1995, eighty
1 16 percent.
1 17 b. For the fiscal year beginning July 1, 1996, sixty
1 18 percent.
1 19 c. For the fiscal year beginning July 1, 1997, forty
1 20 percent.
1 21 d. For the fiscal year beginning July 1, 1998, twenty
1 22 percent.
1 23 e. For fiscal years beginning on or after July 1, 1999,
1 24 zero percent.
1 25 Sec. 3. This Act applies to estates of decedents dying on
1 26 or after July 1, 1995.
1 27 EXPLANATION
1 28 The bill reduces the present inheritance tax rates by 20
1 29 percent over five fiscal years beginning with the 1995-1996
1 30 fiscal year. The rate for the fiscal year applies to property
1 31 of estates of decedents dying during that year. Effective
1 32 July 1, 1999, the inheritance tax is repealed for decedents
1 33 dying on or after that date.
1 34 The bill applies to estates of persons dying on or after
1 35 July 1, 1995.
2 1 LSB 2052HV 76
2 2 mg/cf/24
Text: HF00531 Text: HF00533 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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