Text: HF02542 Text: HF02544 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 450.1, Code 1997, is amended by 1 2 striking the section and inserting in lieu thereof the 1 3 following: 1 4 450.1 DEFINITIONS – CONSTRUCTION. 1 5 1. For purposes of this chapter, unless the context 1 6 otherwise requires: 1 7 a. "Internal Revenue Code" means the same as defined in 1 8 section 422.3. 1 9 b. "Person" includes plural as well as singular, and 1 10 artificial as well as natural persons. 1 11 c. "Personal representative" means an executor, 1 12 administrator, or trustee as each is defined in section 633.3. 1 13 d. "Stepchild" means the child of a person who was married 1 14 to the decedent at the time of the decedent's death, or the 1 15 child of a person to whom the decedent was married, which 1 16 person died during the marriage to the decedent. 1 17 2. This chapter shall not be construed to confer upon a 1 18 county attorney authority to represent the state in any case, 1 19 and the county attorney shall represent the department of 1 20 revenue and finance only when specially authorized by the 1 21 department to do so. 1 22 Sec. 2. Section 450.2, Code 1997, is amended by striking 1 23 the section and inserting in lieu thereof the following: 1 24 450.2 TAXABLE ESTATES AND PROPERTY. 1 25 The following estates and property and any interest in or 1 26 income from any of the following estates and property, which 1 27 pass from the decedent owner in any manner described in this 1 28 chapter, are subject to tax as provided in this chapter: 1 29 1. Real estate and tangible personal property located in 1 30 this state regardless of whether the decedent was a resident 1 31 of this state at death. 1 32 2. Intangible personal property owned by a decedent 1 33 domiciled in this state. 1 34 Sec. 3. Section 450.3, subsection 2, Code 1997, is amended 1 35 to read as follows: 2 1 2. By deed, grant, sale, gift, or transfer made within 2 2 three years of the death of the grantor or donor, which is not 2 3 a bona fide sale for an adequate and full consideration in 2 4 money or money's worth and which is in excess of the annual 2 5 gift tax exclusion allowable for each donee under section 2 6 2503, subsections b and e, of the Internal Revenue Code. If 2 7 both spouses consent, a gift made by one spouse to a person 2 8 who is not the other spouse is considered, for the purposes of 2 9 this subsection, as made one half by each spouse under the 2 10 same terms and conditions provided for in section 2513 of the 2 11 Internal Revenue Code. The net market value of a transfer 2 12 described in this subsection shall be the net market value 2 13 determined as of the date of the transfer. 2 14 Sec. 4. Section 450.4, subsection 5, Code 1997, is amended 2 15 by striking the subsection and inserting in lieu thereof the 2 16 following: 2 17 5. On that portion of the decedent's interest in a 2 18 qualified retirement plan or individual retirement account 2 19 that will be subject to federal income tax when paid to the 2 20 beneficiary. 2 21 Sec. 5. Section 450.20, unnumbered paragraph 1, Code 1997, 2 22 is amended to read as follows: 2 23ItThe department of revenue and finance shallalsokeep a 2 24 separate record of any deferred estate upon which the tax due 2 25 is not paidwithin fifteen months fromon or before the last 2 26 day of the ninth month after the death of the decedent, 2 27 showing substantially the same facts as are required in other 2 28 cases, and also showing: 2 29 Sec. 6. APPLICABILITY DATE. This Act applies to estates 2 30 of decedents dying on or after July 1, 1998. 2 31 HF 2543 2 32 mg/pk/25
Text: HF02542 Text: HF02544 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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