Text: SF00002 Text: SF00004 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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, 2001, is not subject to 1 5 tax under this chapter. This chapter is repealed July 1, 1 6 2001, for property of estates of decedents dying on or after 1 7 July 1, 2001. 1 8 Sec. 2. Section 450.10, Code 1997, is amended by adding 1 9 the following new subsection: 1 10 NEW SUBSECTION. 8. For property, interest in property, or 1 11 income from property passing from estates of decedents dying 1 12 during the following fiscal years the tax rates under 1 13 subsections 1 through 6 shall be a percentage of those 1 14 specified as follows: 1 15 a. For the fiscal year beginning July 1, 1997, eighty 1 16 percent. 1 17 b. For the fiscal year beginning July 1, 1998, sixty 1 18 percent. 1 19 c. For the fiscal year beginning July 1, 1999, forty 1 20 percent. 1 21 d. For the fiscal year beginning July 1, 2000, twenty 1 22 percent. 1 23 e. For fiscal years beginning on or after July 1, 2001, 1 24 zero percent. 1 25 Sec. 3. This Act applies to estates of decedents dying on 1 26 or after July 1, 1997. 1 27 EXPLANATION 1 28 The bill reduces the present inheritance tax rates by 20 1 29 percent over five fiscal years beginning with the 1997-1998 1 30 fiscal year. The rate for the fiscal year applies to property 1 31 of estates of decedents dying during that fiscal year. 1 32 Effective July 1, 2001, the inheritance tax is repealed for 1 33 decedents dying on or after that date. 1 34 The bill applies to estates of persons dying on or after 1 35 July 1, 1997. 2 1 LSB 1092SS 77 2 2 mg/cf/24
Text: SF00002 Text: SF00004 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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