Text: HSB00770                          Text: HSB00772
Text: HSB00700 - HSB00799               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 771

Bill Text

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 of ten twenty-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 of ten twenty-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 exceed ten twenty-five thousand dollars and there is
  1 28 no real property or the real property passes to a surviving
  1 29 spouse persons exempt from inheritance tax pursuant to section
  1 30 450.9 as joint tenant tenants 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 exceed ten twenty-five thousand dollars and
  2  6 there is no real property or the real property passes to a
  2  7 surviving spouse persons exempt from inheritance tax pursuant
  2  8 to section 450.9 as joint tenant tenants 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 5425YC 78
  2 23 jj/as/5

Text: HSB00770                          Text: HSB00772
Text: HSB00700 - HSB00799               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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