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Senate Study Bill 1

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, parents, children including legally adopted children,
  1  5 stepchildren, and grandchildren, the tax is a charge against
  1  6 and a lien upon the estate subject to tax under this chapter,
  1  7 and all property of the estate or owned by the decedent from
  1  8 the death of the decedent until paid, subject to the following
  1  9 limitation:
  1 10    Sec. 2.  Section 450.9, subsection 1, Code 1997, is amended
  1 11 to read as follows:
  1 12    1.  Surviving spouse, parents, children including legally
  1 13 adopted children, stepchildren, or grandchildren, the entire
  1 14 amount of property, interest in property, and income.
  1 15    Sec. 3.  Section 450.9, subsections 2 and 3, Code 1997, are
  1 16 amended by striking the subsections.
  1 17    Sec. 4.  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 included 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. 5.  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. 6.  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, parents, children including legally
  2  2 adopted children, stepchildren, or grandchildren, is not
  2  3 taxable under this section.
  2  4    Sec. 7.  This Act applies to estates of decedents dying on
  2  5 or after July 1, 1997.  
  2  6                           EXPLANATION
  2  7    The bill eliminates the inheritance tax on property of
  2  8 decedents dying on or after July 1, 1997, passing to parents,
  2  9 sons, daughters, including adopted sons and daughters,
  2 10 stepchildren, and grandchildren.  
  2 11 LSB 1517XC 77
  2 12 mg/cf/24.1
     
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Text: SSB00000 - SSB00099               Text: SSB Index
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