Text: HF00110 Text: HF00112 Text: HF00100 - HF00199 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, and grandchildren, great- 1 8 grandchildren, and other lineal descendants, and brothers and 1 9 sisters and their lineal descendants, the tax is a charge 1 10 against and a lien upon the estate subject to tax under this 1 11 chapter, and all property of the estate or owned by the 1 12 decedent from the death of the decedent until paid, subject to 1 13 the following limitation: 1 14 Sec. 2. Section 450.9, Code 2001, is amended to read as 1 15 follows: 1 16 450.9 INDIVIDUAL EXEMPTIONS. 1 17 In computing the tax on the net estate, the entire amount 1 18 of property, interest in property, and income passing to the 1 19 surviving spouse, and parents, grandparents, great- 1 20 grandparents, and other lineal ascendants, children including 1 21 legally adopted children and biological children entitled to 1 22 inherit under the laws of this state, stepchildren, and 1 23 grandchildren, great-grandchildren, and other lineal 1 24 descendants, and brothers and sisters and their lineal 1 25 descendants are exempt from tax. 1 26 Sec. 3. Section 450.10, subsection 1, unnumbered paragraph 1 27 1, Code 2001, is amended to read as follows: 1 28 When the property or any interest in property, or income 1 29 from property, taxable under the provisions of this chapter, 1 30 passes to thebrother or sister,son-in-law,or daughter-in- 1 31 law, the rate of tax imposed on the individual share so 1 32 passing shall be as follows: 1 33 Sec. 4. Section 450.10, subsection 6, Code 2001, is 1 34 amended to read as follows: 1 35 6. Property, interest in property, or income passing to 2 1 the surviving spouse, and parents, grandparents, great- 2 2 grandparents, and other lineal ascendants, children including 2 3 legally adopted children and biological children entitled to 2 4 inherit under the laws of this state, stepchildren, and 2 5 grandchildren, great-grandchildren, and other lineal 2 6 descendants, and brothers and sisters and their lineal 2 7 descendants, is not taxable under this section. 2 8 Sec. 5. APPLICABILITY. This Act applies to estates of 2 9 decedents dying on or after July 1, 2001. 2 10 EXPLANATION 2 11 This bill exempts brothers and sisters of a decedent and 2 12 their lineal descendants from the inheritance tax on property 2 13 passing to them from the decedent. 2 14 The bill applies to estates of decedents dying on or after 2 15 July 1, 2001. 2 16 LSB 1690HH 79 2 17 mg/gg/8
Text: HF00110 Text: HF00112 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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