701—902.6(450A) Generation skipping transfers prior to Public Law 99-514. Public Law 99-514 repealed the federal generation skipping transfer tax retroactive to June 11, 1976, and provided for a refund of any federal generation skipping transfer tax that had been paid. As a result of this federal statute there is no Iowa generation skipping transfer tax on those transfers which are exempted from the federal tax under Public Law 99-514.
This rule is intended to implement Iowa Code chapter 450A and 1988 Iowa Acts, chapter 1028.
[Editorial change: IAC Supplement 11/2/22]