Senate File 134 - Introduced



                                       SENATE FILE       
                                       BY  COMMITTEE ON COMMERCE

                                       (SUCCESSOR TO SSB 1002)


    Passed Senate, Date               Passed House,  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 1494SV 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  Section 450.97, Code 2005, is repealed.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 1494SV 81
  1 15 eg:rj/sh/8