House
File
50
-
Introduced
HOUSE
FILE
50
BY
DRAKE
A
BILL
FOR
An
Act
relating
to
the
exemption
from
the
state
inheritance
tax
1
of
estates
of
a
certain
size
and
including
applicability
2
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
1138YH
(3)
85
mm/sc
H.F.
50
Section
1.
Section
450.4,
subsection
1,
Code
2013,
is
1
amended
to
read
as
follows:
2
1.
When
the
entire
estate
of
the
decedent
does
not
exceed
3
the
sum
of
twenty-five
one
hundred
thousand
dollars
after
4
deducting
the
liabilities,
as
defined
in
this
chapter
.
5
Sec.
2.
Section
450.44,
Code
2013,
is
amended
to
read
as
6
follows:
7
450.44
Remainders
——
valuation.
8
When
a
person
whose
estate
over
and
above
the
amount
of
that
9
person’s
liabilities,
as
defined
in
this
chapter
,
exceeds
the
10
sum
of
twenty-five
one
hundred
thousand
dollars,
bequeaths,
11
devises,
or
otherwise
transfers
real
property
to
or
for
the
12
use
of
persons
exempt
from
the
tax
imposed
by
this
chapter
,
13
during
life
or
for
a
term
of
years
and
the
remainder
to
persons
14
not
thus
exempt,
this
property,
upon
the
determination
of
the
15
estate
for
life
or
years,
shall
be
valued
at
its
then
actual
16
market
value
from
which
shall
be
deducted
the
value
of
any
17
improvements
on
it
made
by
the
person
who
owns
the
remainder
18
interest
during
the
time
of
the
prior
estate,
to
be
determined
19
as
provided
in
section
450.37,
subsection
1
,
paragraph
“a”
,
and
20
the
tax
on
the
remainder
shall
be
paid
by
the
person
who
owns
21
the
remainder
interest
as
provided
in
section
450.46
.
22
Sec.
3.
APPLICABILITY.
This
Act
applies
to
estates
of
23
decedents
dying
on
or
after
July
1,
2013.
24
EXPLANATION
25
This
bill
increases
from
$25,000
to
$100,000
the
value
at
26
which
estates
are
exempt
from
the
Iowa
inheritance
tax.
The
27
bill
applies
to
estates
of
decedents
dying
on
or
after
July
1,
28
2013.
29
-1-
LSB
1138YH
(3)
85
mm/sc
1/
1