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Senate File 523

Partial Bill History

Bill Introduced: S.J. 1119
Committee Report Issued: S.J. 1138 H.J. 1713
Passed House: H.J. 1863
Passed Senate: S.J. 1197
Signed by Governor: S.J. 1613
Complete Bill History

Bill Text

PAG LIN
  1  1                                           SENATE FILE 523
  1  2 
  1  3                             AN ACT
  1  4 RELATING TO THE SIZE OF AN ESTATE THAT MAY BE DISTRIBUTED BY
  1  5    AFFIDAVIT, MAKING RELATED INHERITANCE TAX CHANGES, AND
  1  6    PROVIDING FOR THE ACT'S APPLICABILITY.  
  1  7 
  1  8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  9 
  1 10    Section 1.  Section 450.4, subsection 1, Code 2001, is
  1 11 amended to read as follows:
  1 12    1.  When the entire estate of the decedent does not exceed
  1 13 the sum of ten twenty-five thousand dollars after deducting
  1 14 the liabilities, as defined in this chapter.
  1 15    Sec. 2.  Section 450.44, Code 2001, is amended to read as
  1 16 follows:
  1 17    450.44  REMAINDERS – VALUATION.
  1 18    When a person whose estate over and above the amount of
  1 19 that person's liabilities, as defined in this chapter, exceeds
  1 20 the sum of ten twenty-five thousand dollars, bequeaths,
  1 21 devises, or otherwise transfers real property to or for the
  1 22 use of persons exempt from the tax imposed by this chapter,
  1 23 during life or for a term of years and the remainder to
  1 24 persons not thus exempt, this property, upon the determination
  1 25 of the estate for life or years, shall be valued at its then
  1 26 actual market value from which shall be deducted the value of
  1 27 any improvements on it made by the person who owns the
  1 28 remainder interest during the time of the prior estate, to be
  1 29 determined as provided in section 450.37, subsection 1,
  1 30 paragraph "a", and the tax on the remainder shall be paid by
  1 31 the person who owns the remainder interest as provided in
  1 32 section 450.46.
  1 33    Sec. 3.  Section 633.356, subsection 1, unnumbered
  1 34 paragraph 1, Code 2001, is amended to read as follows:
  1 35    When the gross value of the decedent's personal property
  2  1 does not exceed ten twenty-five thousand dollars and there is
  2  2 no real property or the real property passes to a surviving
  2  3 spouse persons exempt from inheritance tax pursuant to section
  2  4 450.9 as joint tenant tenants with right of survivorship, and
  2  5 if forty days have elapsed since the death of the decedent,
  2  6 the successor of the decedent as defined in subsection 2 may,
  2  7 by filing an affidavit prepared pursuant to subsection 3, and
  2  8 without procuring letters of appointment, do any of the
  2  9 following with respect to one or more particular items of
  2 10 personal property:
  2 11    Sec. 4.  Section 633.356, subsection 3, paragraph c, Code
  2 12 2001, is amended to read as follows:
  2 13    c.  That the gross value of the decedent's personal
  2 14 property does not exceed ten twenty-five thousand dollars and
  2 15 there is no real property or the real property passes to a
  2 16 surviving spouse persons exempt from inheritance tax pursuant
  2 17 to section 450.9 as joint tenant tenants with right of
  2 18 survivorship.
  2 19    Sec. 5.  APPLICABILITY.  This Act applies to estates of
  2 20 decedents dying on or after July 1, 2001.  
  2 21 
  2 22 
  2 23                                                             
  2 24                               MARY E. KRAMER
  2 25                               President of the Senate
  2 26 
  2 27 
  2 28                                                             
  2 29                               BRENT SIEGRIST
  2 30                               Speaker of the House
  2 31 
  2 32    I hereby certify that this bill originated in the Senate and
  2 33 is known as Senate File 523, Seventy-ninth General Assembly.
  2 34 
  2 35 
  3  1                                                             
  3  2                               MICHAEL E. MARSHALL
  3  3                               Secretary of the Senate
  3  4 Approved                , 2001
  3  5 
  3  6 
  3  7                                
  3  8 THOMAS J. VILSACK
  3  9 Governor

Text: SF00522                           Text: SF00524
Text: SF00500 - SF00599                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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