Text: SF00229 Text: SF00231 Text: SF00200 - SF00299 Text: SF 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. Estates of decedents dying on or
1 4 after July 1, 1995, are not subject to the tax under this
1 5 chapter.
1 6 Sec. 2. Section 450.4, Code 1995, is amended by adding the
1 7 following new subsection:
1 8 NEW SUBSECTION. 7. Any property of an estate of a person
1 9 dying on or after July 1, 1995.
1 10 Sec. 3. NEW SECTION. 450B.8 NONAPPLICABILITY OF CHAPTER.
1 11 This chapter shall not apply to property of estates of de-
1 12 cedents dying on or after July 1, 1995.
1 13 EXPLANATION
1 14 Depending on the circumstances, present law has four death-
1 15 related state taxes. These are the inheritance tax, chapter
1 16 450; the generation skipping transfer tax, chapter 450A; the
1 17 qualified use inheritance tax, chapter 450B; and the Iowa
1 18 estate tax, chapter 451. This bill eliminates for estates of
1 19 decedents dying on or after July 1, 1995, the taxes under
1 20 chapters 450 and 450B. The other two taxes are retained
1 21 because these taxes are only imposed to the extent that the
1 22 federal taxes allow credits against the federal taxes for the
1 23 amounts paid the state.
1 24 LSB 1815SS 76
1 25 mg/jw/5
Text: SF00229 Text: SF00231 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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