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Senate File 2038 - IntroducedA Bill ForAn Act 1relating to the repeal of the state inheritance tax and
2the state qualified use inheritance tax.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 450.98 Tax repealed.
2This chapter shall not apply, effective July 1, 2018, to
3property of estates of decedents dying on or after July 1,
42018. The inheritance tax shall not be imposed under this
5chapter if a decedent dies on or after July 1, 2018, and to this
6extent this chapter is repealed.
7 Sec. 2. NEW SECTION. 450.99 Future repeal.
8This chapter is repealed effective July 1, 2028.
9 Sec. 3. NEW SECTION. 450B.8 Tax repealed.
10This chapter shall not apply, effective July 1, 2018, to
11property of estates of decedents dying on or after July 1,
122018. The inheritance tax shall not be imposed under this
13chapter if a decedent dies on or after July 1, 2018, and to this
14extent this chapter is repealed.
15 Sec. 4. NEW SECTION. 450B.9 Future repeal.
16This chapter is repealed effective July 1, 2028.
17 Sec. 5. CODE EDITOR DIRECTIVE. The Code editor is directed
18to correct internal references and other appropriate references
19in the Code, and in any enacted Iowa Acts as necessary, to
20chapters 450 and 450B, and to the inheritance tax and qualified
21use inheritance tax, effective July 1, 2028.
22EXPLANATION
23The inclusion of this explanation does not constitute agreement with
24the explanation’s substance by the members of the general assembly.
25This bill repeals the state inheritance tax and the state
26qualified use inheritance tax effective July 1, 2018, for
27property of estates of decedents dying on or after July 1,
282018. Inheritance tax will not be imposed on any property in
29the event of the death of an individual on or after July 1,
302018.
31The bill repeals Code chapters 450 (inheritance tax) and
32450B (qualified use inheritance tax) effective July 1, 2028,
33and directs the Code editor to correct references in the Code
34and the Iowa Acts to those Code chapters and to the inheritance
35tax and qualified use inheritance tax, effective July 1, 2028.
-1-mm/rjmm/rj
2the state qualified use inheritance tax.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 450.98 Tax repealed.
2This chapter shall not apply, effective July 1, 2018, to
3property of estates of decedents dying on or after July 1,
42018. The inheritance tax shall not be imposed under this
5chapter if a decedent dies on or after July 1, 2018, and to this
6extent this chapter is repealed.
7 Sec. 2. NEW SECTION. 450.99 Future repeal.
8This chapter is repealed effective July 1, 2028.
9 Sec. 3. NEW SECTION. 450B.8 Tax repealed.
10This chapter shall not apply, effective July 1, 2018, to
11property of estates of decedents dying on or after July 1,
122018. The inheritance tax shall not be imposed under this
13chapter if a decedent dies on or after July 1, 2018, and to this
14extent this chapter is repealed.
15 Sec. 4. NEW SECTION. 450B.9 Future repeal.
16This chapter is repealed effective July 1, 2028.
17 Sec. 5. CODE EDITOR DIRECTIVE. The Code editor is directed
18to correct internal references and other appropriate references
19in the Code, and in any enacted Iowa Acts as necessary, to
20chapters 450 and 450B, and to the inheritance tax and qualified
21use inheritance tax, effective July 1, 2028.
22EXPLANATION
23The inclusion of this explanation does not constitute agreement with
24the explanation’s substance by the members of the general assembly.
25This bill repeals the state inheritance tax and the state
26qualified use inheritance tax effective July 1, 2018, for
27property of estates of decedents dying on or after July 1,
282018. Inheritance tax will not be imposed on any property in
29the event of the death of an individual on or after July 1,
302018.
31The bill repeals Code chapters 450 (inheritance tax) and
32450B (qualified use inheritance tax) effective July 1, 2028,
33and directs the Code editor to correct references in the Code
34and the Iowa Acts to those Code chapters and to the inheritance
35tax and qualified use inheritance tax, effective July 1, 2028.
-1-mm/rjmm/rj