Senate File 69 - Introduced SENATE FILE 69 BY EDLER A BILL FOR An Act relating to the repeal of the state inheritance tax and 1 the state qualified use inheritance tax. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 1066XS (2) 88 jm/jh
S.F. 69 Section 1. NEW SECTION . 450.98 Tax repealed. 1 This chapter shall not apply, effective July 1, 2019, to 2 property of estates of decedents dying on or after July 1, 3 2019. The inheritance tax shall not be imposed under this 4 chapter if a decedent dies on or after July 1, 2019, and to this 5 extent this chapter is repealed. 6 Sec. 2. NEW SECTION . 450.99 Future repeal. 7 This chapter is repealed effective July 1, 2029. 8 Sec. 3. NEW SECTION . 450B.8 Tax repealed. 9 This chapter shall not apply, effective July 1, 2019, to 10 property of estates of decedents dying on or after July 1, 11 2019. The inheritance tax shall not be imposed under this 12 chapter if a decedent dies on or after July 1, 2019, and to this 13 extent this chapter is repealed. 14 Sec. 4. NEW SECTION . 450B.9 Future repeal. 15 This chapter is repealed effective July 1, 2029. 16 Sec. 5. CODE EDITOR DIRECTIVE. The Code editor is directed 17 to correct internal references and other appropriate references 18 in the Code, and in any enacted Iowa Acts as necessary, to 19 chapters 450 and 450B, and to the inheritance tax and qualified 20 use inheritance tax, effective July 1, 2029. 21 EXPLANATION 22 The inclusion of this explanation does not constitute agreement with 23 the explanation’s substance by the members of the general assembly. 24 This bill repeals the state inheritance tax and the state 25 qualified use inheritance tax effective July 1, 2019, for 26 property of estates of decedents dying on or after July 1, 27 2019. Inheritance tax will not be imposed on any property in 28 the event of the death of an individual on or after July 1, 29 2019. 30 The bill repeals Code chapters 450 (inheritance tax) and 31 450B (qualified use inheritance tax) effective July 1, 2029, 32 and directs the Code editor to correct references in the Code 33 and the Iowa Acts to those Code chapters and to the inheritance 34 tax and qualified use inheritance tax, effective July 1, 2029. 35 -1- LSB 1066XS (2) 88 jm/jh 1/ 1