Text: HF00086 Text: HF00088 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 450.7, subsection 1, unnumbered 1 2 paragraph 1, Code 2001, is amended to read as follows: 1 3 Except for the share of the estate passing to the surviving 1 4 spouse, and parents, grandparents, great-grandparents, and 1 5 other lineal ascendants, children including legally adopted 1 6 children and biological children entitled to inherit under the 1 7 laws of this state, stepchildren,andgrandchildren, 1 8 stepgrandchildren, great-grandchildren, and other lineal 1 9 descendants, the tax is a charge against and a lien upon the 1 10 estate subject to tax under this chapter, and all property of 1 11 the estate or owned by the decedent from the death of the 1 12 decedent until paid, subject to the following limitation: 1 13 Sec. 2. Section 450.9, Code 2001, is amended to read as 1 14 follows: 1 15 450.9 INDIVIDUAL EXEMPTIONS. 1 16 In computing the tax on the net estate, the entire amount 1 17 of property, interest in property, and income passing to the 1 18 surviving spouse, and parents, grandparents, great- 1 19 grandparents, and other lineal ascendants, children including 1 20 legally adopted children and biological children entitled to 1 21 inherit under the laws of this state, stepchildren,and1 22 grandchildren, stepgrandchildren, great-grandchildren, and 1 23 other lineal descendants are exempt from tax. For purposes of 1 24 this chapter, "stepgrandchild" means the stepchild of a child 1 25 of the decedent. 1 26 Sec. 3. Section 450.10, subsection 6, Code 2001, is 1 27 amended to read as follows: 1 28 6. Property, interest in property, or income passing to 1 29 the surviving spouse, and parents, grandparents, great- 1 30 grandparents, and other lineal ascendants, children including 1 31 legally adopted children and biological children entitled to 1 32 inherit under the laws of this state, stepchildren,and1 33 grandchildren, stepgrandchildren, great-grandchildren, and 1 34 other lineal descendants, is not taxable under this section. 1 35 Sec. 4. APPLICABILITY DATE. This Act applies to estates 2 1 of decedents dying on or after July 1, 2001. 2 2 EXPLANATION 2 3 This bill exempts from the inheritance tax property passing 2 4 to a stepgrandchild. Current law provides such exemption for 2 5 children, stepchildren, and grandchildren. A stepgrandchild 2 6 is a stepchild of the decedent's child. 2 7 The bill applies to estates of decedents dying on or after 2 8 July 1, 2001. 2 9 LSB 1594HH 79 2 10 mg/cls/14
Text: HF00086 Text: HF00088 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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