House File 2673 - Enrolled

PAG LIN



  1  1                                             HOUSE FILE 2673
  1  2
  1  3                             AN ACT
  1  4 RELATING TO THE INHERITANCE TAX ON ANY INTEREST IN A QUALIFIED
  1  5    TUITION PLAN.
  1  6
  1  7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  8
  1  9    Section 1.  Section 12D.9, Code 2007, is amended by adding
  1 10 the following new subsection:
  1 11    NEW SUBSECTION.  3.  State inheritance tax treatment of
  1 12 interests in Iowa educational savings plans shall be as
  1 13 provided in section 450.4, subsection 10.  This subsection
  1 14 shall apply to all Iowa educational savings plans existing on
  1 15 or after July 1, 1998.
  1 16    Sec. 2.  Section 450.4, Code Supplement 2007, is amended by
  1 17 adding the following new subsection:
  1 18    NEW SUBSECTION.  10.  On the value of any interest in a
  1 19 qualified tuition plan, as defined in section 529 of the
  1 20 Internal Revenue Code, to the same extent to which the value
  1 21 is excluded from the decedent's gross estate for federal
  1 22 estate tax purposes.  This subsection shall apply to all
  1 23 qualified tuition plans that are in existence on or after July
  1 24 1, 1998.
  1 25
  1 26
  1 27                                                             
  1 28                               PATRICK J. MURPHY
  1 29                               Speaker of the House
  1 30
  1 31
  1 32                                                             
  1 33                               JOHN P. KIBBIE
  1 34                               President of the Senate
  1 35
  2  1    I hereby certify that this bill originated in the House and
  2  2 is known as House File 2673, Eighty=second General Assembly.
  2  3
  2  4
  2  5                                                             
  2  6                               MARK BRANDSGARD
  2  7                               Chief Clerk of the House
  2  8 Approved                , 2008
  2  9
  2 10
  2 11                            
  2 12 CHESTER J. CULVER
  2 13 Governor