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Text: HF00015                           Text: HF00017
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House File 16

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 450.7, subsection 1, unnumbered
  1  2 paragraph 1, Code 1997, is amended to read as follows:
  1  3    Except for the share of the estate passing to the surviving
  1  4 spouse, father or mother, each son and daughter including
  1  5 legally adopted sons and daughters or biological sons and
  1  6 daughters, stepchildren, and grandchildren, the tax is a
  1  7 charge against and a lien upon the estate subject to tax under
  1  8 this chapter, and all property of the estate or owned by the
  1  9 decedent from the death of the decedent until paid, subject to
  1 10 the following limitation:
  1 11    Sec. 2.  Section 450.9, subsection 1, Code 1997, is amended
  1 12 to read as follows:
  1 13    1.  Surviving spouse, father or mother, son or daughter
  1 14 including legally adopted sons and daughters or biological
  1 15 sons and daughters, stepchildren, or grandchildren, the entire
  1 16 amount of property, interest in property, and income.
  1 17    Sec. 3.  Section 450.9, subsections 2 and 3, Code 1997, are
  1 18 amended by striking the subsections.
  1 19    Sec. 4.  Section 450.10, subsection 1, unnumbered paragraph
  1 20 1, Code 1997, is amended to read as follows:
  1 21    When the property, interest, or income passes to the father
  1 22 or mother, or to a child or a lineal descendant of the
  1 23 decedent, grantor, donor, or vendor, including a legally
  1 24 adopted child or biological child entitled to inherit under
  1 25 the laws of this state not included in subsection 7, the tax
  1 26 imposed shall be on the individual share so passing in excess
  1 27 of the exemptions allowed as follows:
  1 28    Sec. 5.  Section 450.10, subsection 2, unnumbered paragraph
  1 29 1, Code 1997, is amended to read as follows:
  1 30    When the property or any interest therein in property, or
  1 31 income therefrom from property taxable under the provisions of
  1 32 this chapter passes to the brother or sister, son-in-law, or
  1 33 daughter-in-law, or step-children, the rate of tax imposed on
  1 34 the individual share so passing shall be as follows:
  1 35    Sec. 6.  Section 450.10, subsection 7, Code 1997, is
  2  1 amended to read as follows:
  2  2    7.  Property, interest in property, or income passing to
  2  3 the surviving spouse, father or mother, son or daughter
  2  4 including legally adopted sons and daughters or biological
  2  5 sons and daughters, stepchildren, or grandchildren, is not
  2  6 taxable under this section.
  2  7    Sec. 7.  This Act applies to estates of decedents dying on
  2  8 or after July 1, 1997.  
  2  9                           EXPLANATION
  2 10    The bill exempts from the inheritance tax property,
  2 11 interest in property, or income passing to the parents,
  2 12 children, stepchildren, and grandchildren of a decedent.
  2 13    The bill applies to estates of decedents dying on or after
  2 14 July 1, 1997.  
  2 15 LSB 1343HH 77
  2 16 mg/jj/8
     
Text: HF00015                           Text: HF00017
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
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