House File 541 - Introduced HOUSE FILE BY FORD 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 2603HH 83 7 mg/sc/8 PAG LIN 1 1 Section 1. Section 450.10, subsection 6, Code 2009, 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, 2009. 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, 2009. 1 23 LSB 2603HH 83 1 24 mg/sc/8