Senate File 181 - Introduced



                                       SENATE FILE       
                                       BY  McKIBBEN, ANGELO, PUTNEY,
                                           LUNDBY, BEHN, GASKILL,
                                           SEYMOUR, NOBLE, ZAUN,
                                           McKINLEY, JOHNSON, WARD,
                                           HARTSUCH, ZIEMAN, BOETTGER,
                                           KETTERING, WIECK, HOUSER,
                                           and HAHN


    Passed Senate, Date               Passed House,  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 2011XS 82
  5 mg/es/88

PAG LIN



  1  1    Section 1.  NEW SECTION.  450.98  TAX REPEALED.
  1  2    This chapter shall not apply, effective July 1, 2007, to
  1  3 property of estates of decedents dying on or after July 1,
  1  4 2007.  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  1  6 2007, and to this extent this chapter is repealed.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  NEW SECTION.  450B.8  TAX REPEALED.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, 2007, to
  1  9 property of estates of decedents dying on or after July 1,
  1 10 2007.  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  1 12 2007, and to this extent this chapter is repealed.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, 2017.
  1 18                           EXPLANATION
  1 19    This bill repeals the state inheritance tax and the state
  1 20 qualified use inheritance tax effective July 1, 2007, for
  1 21 property of estates of decedents dying on or after July 1,
  1 22 2007.  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 2007.
  1 25 LSB 2011XS 82
  1 26 mg:rj/es/88