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