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Senate File 2024

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 450.10, subsection 1, Code 1995, is
  1  2 amended to read as follows:
  1  3    1.  When the property, interest, or income passes to the
  1  4 father or mother, or to a child or lineal descendant of the
  1  5 decedent, grantor, donor, or vendor, including a legally
  1  6 adopted child or biological child entitled to inherit under
  1  7 the laws of this state, the tax imposed shall be on the
  1  8 individual share so passing in excess of the exemptions
  1  9 allowed as follows:
  1 10    One percent of the first five twelve thousand five hundred
  1 11 dollars.
  1 12    Two percent of any amount in excess of five twelve thousand
  1 13 five hundred dollars and up to twelve fifty thousand five
  1 14 hundred dollars.
  1 15    Three percent on any amount in excess of twelve fifty
  1 16 thousand five hundred dollars and up to twenty-five one
  1 17 hundred thousand dollars.
  1 18    Four percent on any amount all sums in excess of twenty-
  1 19 five one hundred thousand dollars and up to fifty thousand
  1 20 dollars.
  1 21    Five percent on any amount in excess of fifty thousand
  1 22 dollars and up to seventy-five thousand dollars.
  1 23    Six percent on any amount in excess of seventy-five
  1 24 thousand dollars and up to one hundred thousand dollars.
  1 25    Seven percent on any amount in excess of one hundred
  1 26 thousand dollars and up to one hundred fifty thousand dollars.
  1 27    Eight percent on all sums in excess of one hundred fifty
  1 28 thousand dollars.
  1 29    Sec. 2.  This Act takes effect July 1 following enactment
  1 30 and applies to the estates of decedents dying on or after that
  1 31 date.  
  1 32                           EXPLANATION
  1 33    The bill reduces the inheritance tax on the individual
  1 34 shares of fathers, mothers, children, and lineal descendants
  1 35 of decedents dying on or after the effective date of the bill.
  2  1 The bill reduces the present eight bracket schedule to four
  2  2 brackets with the first bracket changed from one percent on
  2  3 the first $5,000 to one percent on the first $12,500 and the
  2  4 last bracket changed from eight percent on all sums in excess
  2  5 of $150,000 to four percent on all sums in excess of $100,000.
  2  6    The bill takes effect July 1 following enactment and
  2  7 applies to estates of decedents dying on or after that date.  
  2  8 LSB 3492SS 76
  2  9 mg/jw/5
     
Text: SF02023                           Text: SF02025
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