Bill Text: IA SF105 | 2015-2016 | 86th General Assembly | Introduced

Iowa Senate Bill 105 (Prior Session Legislation)

Introduced

Bill Title: A bill for an act relating to the repeal of the state inheritance tax and the state qualified use inheritance tax.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-02-03 - Subcommittee, Bolkcom, Anderson, and Quirmbach. S.J. 207. [SF105 Detail]

Download: Iowa-2015-SF105-Introduced.html

Senate File 105 - Introduced




                                 SENATE FILE       
                                 BY  ANDERSON

                                      A BILL FOR

  1 An Act relating to the repeal of the state inheritance tax and
  2    the state qualified use inheritance tax.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  NEW SECTION.  450.98  Tax repealed.
  1  2    This chapter shall not apply, effective July 1, 2015, to
  1  3 property of estates of decedents dying on or after July 1,
  1  4 2015.  The inheritance tax shall not be imposed under this
  1  5 chapter in the event the decedent dies on or after July 1,
  1  6 2015, and to this extent this chapter is repealed.
  1  7    Sec. 2.  NEW SECTION.  450B.8  Tax repealed.
  1  8    This chapter shall not apply, effective July 1, 2015, to
  1  9 property of estates of decedents dying on or after July 1,
  1 10 2015.  The inheritance tax shall not be imposed under this
  1 11 chapter in the event the decedent dies on or after July 1,
  1 12 2015, and to this extent this chapter is repealed.
  1 13    Sec. 3.  CODE EDITOR DIRECTIVE.  The Code editor is directed
  1 14 to remove chapters 450 and 450B from the Code and correct
  1 15 appropriate references to chapters 450 and 450B and appropriate
  1 16 references to the inheritance tax and qualified use inheritance
  1 17 tax effective July 1, 2025.
  1 18                           EXPLANATION
  1 19 The inclusion of this explanation does not constitute agreement with
  1 20 the explanation's substance by the members of the general assembly.
  1 21    This bill repeals the state inheritance tax and the state
  1 22 qualified use inheritance tax effective July 1, 2015, for
  1 23 property of estates of decedents dying on or after July 1,
  1 24 2015.  Inheritance tax will not be imposed on any property in
  1 25 the event of the death of an individual on or after July 1,
  1 26 2015.
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