Text: HSB00755                          Text: HSB00757
Text: HSB00700 - HSB00799               Text: HSB Index
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House Study Bill 756

Bill Text

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 to the father
  1 23 or mother, or to a child or a lineal descendant of the
  1 24 decedent, grantor, donor, or vendor, including a legally
  1 25 adopted child or biological child entitled to inherit under
  1 26 the laws of this state not 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 interest therein in property, or
  1 32 income therefrom from 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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