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 This chapter is repealed July 1,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1 32 Effective July 1, 2001, the inheritance tax is repealed for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
Iowa General Assembly
Search: Senate Bills and Amendments (77th General Assembly)
© 1997 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Tue Apr 28 03:40:28 CDT 1998
URL: /DOCS/GA/77GA/Legislation/SF/00000/SF00003/970108.html
jhf