Text: HF02577 Text: HF02579 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 450.4, subsection 1, Code 1999, is 1 2 amended to read as follows: 1 3 1. When the entire estate of the decedent does not exceed 1 4 the sum oftentwenty-five thousand dollars after deducting 1 5 the liabilities, as defined in this chapter. 1 6 Sec. 2. Section 450.44, Code 1999, is amended to read as 1 7 follows: 1 8 450.44 REMAINDERS VALUATION. 1 9 When a person whose estate over and above the amount of 1 10 that person's liabilities, as defined in this chapter, exceeds 1 11 the sum oftentwenty-five thousand dollars, bequeaths, 1 12 devises, or otherwise transfers real property to or for the 1 13 use of persons exempt from the tax imposed by this chapter, 1 14 during life or for a term of years and the remainder to 1 15 persons not thus exempt, this property, upon the determination 1 16 of the estate for life or years, shall be valued at its then 1 17 actual market value from which shall be deducted the value of 1 18 any improvements on it made by the person who owns the 1 19 remainder interest during the time of the prior estate, to be 1 20 determined as provided in section 450.37, subsection 1, 1 21 paragraph "a", and the tax on the remainder shall be paid by 1 22 the person who owns the remainder interest as provided in 1 23 section 450.46. 1 24 Sec. 3. Section 633.356, subsection 1, unnumbered 1 25 paragraph 1, Code 1999, is amended to read as follows: 1 26 When the gross value of the decedent's personal property 1 27 does not exceedtentwenty-five thousand dollars and there is 1 28 no real property or the real property passes toa surviving1 29spousepersons exempt from inheritance tax pursuant to section 1 30 450.9 as jointtenanttenants with right of survivorship, and 1 31 if forty days have elapsed since the death of the decedent, 1 32 the successor of the decedent as defined in subsection 2 may, 1 33 by filing an affidavit prepared pursuant to subsection 3, and 1 34 without procuring letters of appointment, do any of the 1 35 following with respect to one or more particular items of 2 1 personal property: 2 2 Sec. 4. Section 633.356, subsection 3, paragraph c, Code 2 3 1999, is amended to read as follows: 2 4 c. That the gross value of the decedent's personal 2 5 property does not exceedtentwenty-five thousand dollars and 2 6 there is no real property or the real property passes toa2 7surviving spousepersons exempt from inheritance tax pursuant 2 8 to section 450.9 as jointtenanttenants with right of 2 9 survivorship. 2 10 Sec. 5. APPLICABILITY. This Act applies to estates of 2 11 decedents dying on or after July 1, 2000. 2 12 EXPLANATION 2 13 This bill amends Code section 633.356 to provide for 2 14 distribution of an estate by affidavit, rather than probate, 2 15 in cases where the value of the estate does not exceed 2 16 $25,000, rather than the current limit of $10,000. 2 17 The bill also makes corresponding amendments to Code 2 18 sections 450.4 and 450.44, increasing the value of a 2 19 decedent's estate that is exempt from inheritance taxation 2 20 from $10,000 to $25,000. 2 21 The bill also contains an applicability provision. 2 22 LSB 5425HV 78 2 23 jj/as/5
Text: HF02577 Text: HF02579 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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