Iowa General Assembly Banner

 
Text: HF00022                           Text: HF00024
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 23

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 450.2, Code 1997, is amended by adding
  1  2 the following new unnumbered paragraph:
  1  3    NEW UNNUMBERED PARAGRAPH.  Property passing from estates of
  1  4 decedents dying on or after July 1, 2003, is not subject to
  1  5 tax under this chapter.  This chapter is repealed July 1,
  1  6 2003, for property of estates of decedents dying on or after
  1  7 July 1, 2003.
  1  8    Sec. 2.  Section 450.9, subsections 2 and 3, Code 1997, are
  1  9 amended to read as follows:
  1 10    2.  Each son and daughter, including legally adopted sons
  1 11 and daughters, or biological sons and daughters entitled to
  1 12 inherit under the law of this state, fifty thousand dollars
  1 13 stepsons, stepdaughters, grandsons, and granddaughters, the
  1 14 entire amount of property, interest in property, and income.
  1 15    3.  Father or mother, fifteen thousand dollars the entire
  1 16 amount of property, interest in property, and income.
  1 17    Sec. 3.  Section 450.10, subsection 1, unnumbered paragraph
  1 18 1, Code 1997, is amended to read as follows:
  1 19    When the property, interest, or income passes to the father
  1 20 or mother, or to a child or a lineal descendant of the
  1 21 decedent, grantor, donor, or vendor, including a legally
  1 22 adopted child or biological child entitled to inherit under
  1 23 the laws of this state not specified in subsection 7, the tax
  1 24 imposed shall be on the individual share so passing in excess
  1 25 of the exemptions allowed as follows:
  1 26    Sec. 4.  Section 450.10, subsection 2, unnumbered paragraph
  1 27 1, Code 1997, is amended to read as follows:
  1 28    When the property or any interest therein in property or
  1 29 income therefrom from property taxable under the provisions of
  1 30 this chapter passes to the brother or sister, son-in-law, or
  1 31 daughter-in-law, or step-children, the rate of tax imposed on
  1 32 the individual share so passing shall be as follows:
  1 33    Sec. 5.  Section 450.10, subsection 7, Code 1997, is
  1 34 amended to read as follows:
  1 35    7.  Property, interest in property, or income passing to
  2  1 the surviving spouse, is parents, children including legally
  2  2 adopted children and biological children entitled to inherit
  2  3 under the laws of this state, stepchildren, or grandchildren,
  2  4 are not taxable under this section.
  2  5    Sec. 6.  Section 450.10, Code 1997, is amended by adding
  2  6 the following new subsection:
  2  7    NEW SUBSECTION.  8.  For property, interest in property, or
  2  8 income from property passing from estates of decedents dying
  2  9 during the following fiscal years the tax rates under
  2 10 subsections 1 through 6 shall be a percentage of those
  2 11 specified as follows:
  2 12    a.  For the fiscal year beginning July 1, 1999, eighty
  2 13 percent.
  2 14    b.  For the fiscal year beginning July 1, 2000, sixty
  2 15 percent.
  2 16    c.  For the fiscal year beginning July 1, 2001, forty
  2 17 percent.
  2 18    d.  For the fiscal year beginning July 1, 2002, twenty
  2 19 percent.
  2 20    e.  For fiscal years beginning on or after July 1, 2003,
  2 21 zero percent.
  2 22    Sec. 7.  Sections 2, 3, 4, and 5 of this Act apply to
  2 23 estates of decedents dying on or after July 1, 1997.  
  2 24                           EXPLANATION
  2 25    The bill eliminates the inheritance tax on property,
  2 26 interest in property, and income from property passing to
  2 27 parents, children, stepchildren, and grandchildren from
  2 28 estates of persons dying on or after July 1, 1997.
  2 29    The bill also reduces the present inheritance tax rates by
  2 30 20 percent over five fiscal years beginning with the 1999-2000
  2 31 fiscal year for all other inheritors.  The rate for the fiscal
  2 32 year applies to property of estates of decedents dying during
  2 33 that fiscal year.  Effective July 1, 2003, the inheritance tax
  2 34 is repealed for decedents dying on or after that date.
  2 35    The exemption from inheritance tax of parents, children,
  3  1 stepchildren, and grandchildren applies to estates of persons
  3  2 dying on or after July 1, 1997.  
  3  3 LSB 1140HH 77
  3  4 mg/cf/24
     
Text: HF00022                           Text: HF00024
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
Return To Home Iowa General Assembly

index Search: House Bills and Amendments (77th General Assembly)

© 1997 Cornell College and League of Women Voters of Iowa

Comments? webmaster@legis.iowa.gov.

Last update: Wed Jan 29 03:40:21 CST 1997
URL: /DOCS/GA/77GA/Legislation/HF/00000/HF00023/970114.html
jhf