House File 2520 - Introduced



                                       HOUSE FILE       
                                       BY  ROBERTS


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

                                      A BILL FOR

  1 An Act relating to the inheritance tax on any interest in the
  2    Iowa educational savings plan trust.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 5919HH 82
  5 mg/sc/5

PAG LIN



  1  1    Section 1.  Section 12D.9, Code 2007, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  3.  State inheritance tax treatment of an
  1  4 Iowa educational savings plan trust shall be as provided in
  1  5 section 450.4, subsection 10.  This subsection shall apply to
  1  6 Iowa educational savings plans in existence on or after July
  1  7 1, 1998.
  1  8    Sec. 2.  Section 450.4, Code Supplement 2007, is amended by
  1  9 adding the following new subsection:
  1 10    NEW SUBSECTION.  10.  On the value of any interest in an
  1 11 Iowa educational savings plan, as defined in chapter 12D, in
  1 12 existence on or after July 1, 1998.
  1 13                           EXPLANATION
  1 14    This bill exempts from the state inheritance tax the value
  1 15 of any interest in an Iowa educational savings plan that is
  1 16 established pursuant to Code chapter 12D.  The exemption
  1 17 applies to such plans in existence on or after July 1, 1998.
  1 18 LSB 5919HH 82
  1 19 mg/sc/5