House File 336 - Introduced



                                       HOUSE FILE       
                                       BY  PETERSEN, RAECKER,
                                           J.K. VAN FOSSEN,
                                           KURTENBACH, MERTZ,
                                           HUSER, EICHHORN, FORD,
                                           STRUYK, and FREEMAN


    Passed House, Date                Passed Senate,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to the repeal of the state inheritance tax and
  2    state qualified use inheritance tax.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2388HH 81
  5 mg/sh/8

PAG LIN



  1  1    Section 1.  NEW SECTION.  450.98  TAX REPEALED.
  1  2    This chapter shall not apply, effective July 1, 2005, to
  1  3 property of estates of decedents dying on or after July 1,
  1  4 2005.  The inheritance tax shall not be imposed under this
  1  5 chapter in the event the decedent dies on or after July 1,
  1  6 2005, and to this extent this chapter is repealed.
  1  7    Sec. 2.  NEW SECTION.  450B.8  TAX REPEALED.
  1  8    This chapter shall not apply, effective July 1, 2005, to
  1  9 property of estates of decedents dying on or after July 1,
  1 10 2005.  The inheritance tax shall not be imposed under this
  1 11 chapter in the event the decedent dies on or after July 1,
  1 12 2005, and to this extent this chapter is repealed.
  1 13    Sec. 3.  CODE EDITOR DIRECTIVE.  The Code editor is
  1 14 directed to remove chapters 450 and 450B from the Code and
  1 15 correct appropriate references to chapters 450 and 450B and
  1 16 appropriate references to the inheritance tax and qualified
  1 17 use inheritance tax effective July 1, 2015.
  1 18                           EXPLANATION
  1 19    This bill repeals the state inheritance tax and the state
  1 20 qualified use inheritance tax effective July 1, 2005, for
  1 21 property of estates of decedents dying on or after July 1,
  1 22 2005.  Inheritance tax will not be imposed on any property in
  1 23 the event of the death of an individual on or after July 1,
  1 24 2005.
  1 25 LSB 2388HH 81
  1 26 mg:rj/sh/8