House
Study
Bill
4
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
JUDICIARY
BILL
BY
CHAIRPERSON
HOLT)
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
1416YC
(2)
90
ko/ns
H.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
1416YC
(2)
90
ko/ns
1/
1