Bill Text: IA SF150 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: 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.(Formerly SSB 1007.)
Sponsorship: Committee Bill
Status: (Introduced - Dead) 2023-01-31 - Subcommittee: Dickey, Koelker, and Quirmbach. S.J. 217. [SF150 Detail]
Download: Iowa-2023-SF150-Introduced.html
Senate
File
150
-
Introduced
SENATE
FILE
150
BY
COMMITTEE
ON
JUDICIARY
(SUCCESSOR
TO
SSB
1007)
(COMPANION
TO
HF
111
BY
COMMITTEE
ON
JUDICIARY)
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
1416SV
(2)
90
ko/ns
S.F.
150
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
when
4
conveyed
without
consideration
.
5
EXPLANATION
6
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
7
the
explanation’s
substance
by
the
members
of
the
general
assembly.
8
This
bill
creates
an
exception
to
the
real
estate
transfer
9
tax
for
deeds
that
transfer
distributions
of
assets
to
10
beneficiaries
of
a
trust
when
conveyed
without
consideration.
11
By
operation
of
law,
a
declaration
of
value
is
not
required
to
12
be
submitted
to
the
county
recorder
for
such
transfers
under
13
Code
sections
428A.1(2)
and
428A.4(2).
14
-1-
LSB
1416SV
(2)
90
ko/ns
1/
1
