Bill Text: IA SF2038 | 2017-2018 | 87th General Assembly | Introduced

Iowa Senate Bill 2038 (Prior Session Legislation)

IA State Legislature page for SF2038

Introduced

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

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2018-02-19 - Fiscal note. [SF2038 Detail]

Download: Iowa-2017-SF2038-Introduced.html


Senate File 2038 - Introduced




                                 SENATE FILE       
                                 BY  EDLER

                                      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  NEW SECTION.  450.98  Tax repealed.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, 2018, to
  1  3 property of estates of decedents dying on or after July 1,
  1  4 2018.  The inheritance tax shall not be imposed under this
  1  5 chapter if a decedent dies on or after July 1, 2018, and to this
  1  6 extent this chapter is repealed.
  1  7    Sec. 2.  NEW SECTION.  450.99  Future repeal.
  1  8    This chapter is repealed effective July 1, 2028.
  1  9    Sec. 3.  NEW SECTION.  450B.8  Tax repealed.
  1 10    This chapter shall not apply, effective July 1, 2018, to
  1 11 property of estates of decedents dying on or after July 1,
  1 12 2018.  The inheritance tax shall not be imposed under this
  1 13 chapter if a decedent dies on or after July 1, 2018, and to this
  1 14 extent this chapter is repealed.
  1 15    Sec. 4.  NEW SECTION.  450B.9  Future repeal.
  1 16    This chapter is repealed effective July 1, 2028.
  1 17    Sec. 5.  CODE EDITOR DIRECTIVE.  The Code editor is directed
  1 18 to correct internal references and other appropriate references
  1 19 in the Code, and in any enacted Iowa Acts as necessary, to
  1 20 chapters 450 and 450B, and to the inheritance tax and qualified
  1 21 use inheritance tax, effective July 1, 2028.
  1 22                           EXPLANATION
  1 23 The inclusion of this explanation does not constitute agreement with
  1 24 the explanation's substance by the members of the general assembly.
  1 25    This bill repeals the state inheritance tax and the state
  1 26 qualified use inheritance tax effective July 1, 2018, for
  1 27 property of estates of decedents dying on or after July 1,
  1 28 2018.  Inheritance tax will not be imposed on any property in
  1 29 the event of the death of an individual on or after July 1,
  1 30 2018.
  1 31    The bill repeals Code chapters 450 (inheritance tax) and
  1 32 450B (qualified use inheritance tax) effective July 1, 2028,
  1 33 and directs the Code editor to correct references in the Code
  1 34 and the Iowa Acts to those Code chapters and to the inheritance
  1 35 tax and qualified use inheritance tax, effective July 1, 2028.
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