House File 111 - Introduced HOUSE FILE 111 BY COMMITTEE ON JUDICIARY (SUCCESSOR TO HSB 4) A BILL FOR An Act relating to an exception to the real estate transfer 1 tax for deeds that transfer distributions of assets to 2 beneficiaries of a trust. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1416HV (2) 90 ko/ns

H.F. 111 Section 1. Section 428A.2, subsection 20, Code 2023, is 1 amended to read as follows: 2 20. Deeds transferring distributions of assets to heirs at 3 law , or devisees under a will , or beneficiaries of a trust when 4 conveyed without consideration . 5 EXPLANATION 6 The inclusion of this explanation does not constitute agreement with 7 the explanation’s substance by the members of the general assembly. 8 This bill creates an exception to the real estate transfer 9 tax for deeds that transfer distributions of assets to 10 beneficiaries of a trust when conveyed without consideration. 11 By operation of law, a declaration of value is not required to 12 be submitted to the county recorder for such transfers under 13 Code sections 428A.1(2) and 428A.4(2). 14 -1- LSB 1416HV (2) 90 ko/ns 1/ 1