Senate Study Bill 1007 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON JUDICIARY BILL BY CHAIRPERSON ZAUN) 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 1416XC (3) 90 ko/ns

S.F. _____ 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 . 4 EXPLANATION 5 The inclusion of this explanation does not constitute agreement with 6 the explanation’s substance by the members of the general assembly. 7 This bill creates an exception to the real estate transfer 8 tax for deeds that transfer distributions of assets to 9 beneficiaries of a trust. By operation of law, a declaration 10 of value is not required to be submitted to the county recorder 11 for such transfers under Code sections 428A.1(2) and 428A.4(2). 12 -1- LSB 1416XC (3) 90 ko/ns 1/ 1