House File 835 - Introduced



                                       HOUSE FILE       
                                       BY  SHOMSHOR


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

                                      A BILL FOR

  1 An Act exempting from inheritance taxation property, interest in
  2    property, or income passing to brothers, sisters, nieces, and
  3    nephews under certain conditions and including an
  4    applicability date provision.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 2748HH 82
  7 mg/cf/24

PAG LIN



  1  1    Section 1.  Section 450.10, subsection 6, Code 2007, is
  1  2 amended to read as follows:
  1  3    6.  a.  Property, interest in property, or income passing
  1  4 to the surviving spouse, and parents, grandparents,
  1  5 great=grandparents, and other lineal ascendants, children
  1  6 including legally adopted children and biological children
  1  7 entitled to inherit under the laws of this state,
  1  8 stepchildren, and grandchildren, great=grandchildren, and
  1  9 other lineal descendants, is not taxable under this section.
  1 10    b.  If at the time of the decedent's death the decedent has
  1 11 no lineal descendants, property, interest in property, or
  1 12 income passing to any brothers, sisters, nieces, and nephews,
  1 13 is not taxable under this section, notwithstanding any other
  1 14 provision of this section.
  1 15    Sec. 2.  APPLICABILITY DATE.  This Act applies to estates
  1 16 of decedents dying on or after July 1, 2007.
  1 17                           EXPLANATION
  1 18    This bill exempts property and income of an estate that
  1 19 passes to siblings, nieces, and nephews if the decedent, at
  1 20 the time of death, does not have any lineal descendants.
  1 21    The bill applies to estates of decedents dying on or after
  1 22 July 1, 2007.
  1 23 LSB 2748HH 82
  1 24 mg/cf/24