SSB 1007 (LSB 1416XC (3) 90)

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 tax for deeds that transfer distributions of assets to beneficiaries of a trust.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 428A.2, subsection 20, Code 2023, is amended to read as follows:
   20.  Deeds transferring distributions of assets to heirs at law, or devisees under a will, or beneficiaries of a trust.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill creates an exception to the real estate transfer tax for deeds that transfer distributions of assets to beneficiaries of a trust. By operation of law, a declaration of value is not required to be submitted to the county recorder for such transfers under Code sections 428A.1(2) and 428A.4(2).