House Study Bill 14 HOUSE FILE BY (PROPOSED COMMITTEE ON COMMERCE, REGULATION AND LABOR BILL BY CHAIRPERSON JENKINS) Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to inheritance tax by eliminating the requirement 2 that the department of revenue receive notice of withdrawal of 3 funds from a joint account by a surviving joint owner. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 1494HC 81 6 eg/sh/8 PAG LIN 1 1 Section 1. Section 450.97, Code 2005, is repealed. 1 2 EXPLANATION 1 3 This bill repeals the requirement that banks, credit 1 4 unions, savings and loan associations, and other persons 1 5 notify the department of revenue prior to the withdrawal of 1 6 funds from a joint account by a surviving joint owner. The 1 7 department is to be notified of the balance in such account at 1 8 the date of the decedent's death and the name and address of 1 9 the surviving joint owner. The notice may be mailed to the 1 10 department. A willful failure to report to the department as 1 11 required makes the bank, credit union, savings and loan 1 12 association, or other person liable for any inheritance tax 1 13 due by the surviving joint owner. 1 14 LSB 1494HC 81 1 15 eg/sh/8