Text: HSB00755 Text: HSB00757 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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PAG LIN 1 1 Section 1. Section 450.7, subsection 1, unnumbered 1 2 paragraph 1, Code Supplement 1995, is amended to read as 1 3 follows: 1 4 Except for the share of the estate passing to the surviving 1 5 spouse, father or mother, each son and daughter, including 1 6 legally adopted sons and daughters or biological sons and 1 7 daughters, stepchildren, and grandchildren, the tax is a 1 8 charge against and a lien upon the estate subject to tax under 1 9 this chapter, and all property of the estate or owned by the 1 10 decedent from the death of the decedent until paid, subject to 1 11 the following limitation: 1 12 Sec. 2. Section 450.9, subsection 1, Code 1995, is amended 1 13 to read as follows: 1 14 1. Surviving spouse, father or mother, son or daughter, 1 15 including legally adopted sons and daughters or biological 1 16 sons and daughters, stepchildren, or grandchild, the entire 1 17 amount of property, interest in property, and income. 1 18 Sec. 3. Section 450.9, subsections 2 and 3, Code 1995, are 1 19 amended by striking the subsections. 1 20 Sec. 4. Section 450.10, subsection 1, unnumbered paragraph 1 21 1, Code 1995, is amended to read as follows: 1 22 When the property, interest, or income passes tothe father1 23or mother, or to a child ora lineal descendant of the 1 24 decedent, grantor, donor, or vendor, including a legally1 25adopted child or biological child entitled to inherit under1 26the laws of this statenot included in subsection 7, the tax 1 27 imposed shall be on the individual share so passing in excess 1 28 of the exemptions allowed as follows: 1 29 Sec. 5. Section 450.10, subsection 2, unnumbered paragraph 1 30 1, Code 1995, is amended to read as follows: 1 31 When the property or any interestthereinin property, or 1 32 incometherefromfrom property taxable under the provisions of 1 33 this chapter passes to the brother or sister, son-in-law, or 1 34 daughter-in-law,or step-children,the rate of tax imposed on 1 35 the individual share so passing shall be as follows: 2 1 Sec. 6. Section 450.10, subsection 7, Code 1995, is 2 2 amended to read as follows: 2 3 7. Property, interest in property, or income passing to 2 4 the surviving spouse, father or mother, son or daughter, 2 5 including legally adopted sons and daughters or biological 2 6 sons and daughters, stepchild, or grandchild, is not taxable 2 7 under this section. 2 8 Sec. 7. This Act applies to estates of decedents dying on 2 9 or after July 1, 1996. 2 10 EXPLANATION 2 11 This bill exempts from the state inheritance tax property, 2 12 interest in property, and income passing to parents, natural 2 13 and adopted children, stepchildren, and grandchildren. 2 14 The bill applies to estates of decedents dying on or after 2 15 July 1, 1996. 2 16 LSB 4448HC 76 2 17 mg/cf/24
Text: HSB00755 Text: HSB00757 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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