Bill Text: IA SSB1007 | 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.(See SF 150.)
Sponsorship: Committee Bill
Status: (Introduced - Dead) 2023-01-26 - Committee report approving bill, renumbered as SF 150. [SSB1007 Detail]
Download: Iowa-2023-SSB1007-Introduced.html
Senate
Study
Bill
1007
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
JUDICIARY
BILL
BY
CHAIRPERSON
ZAUN)
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
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S.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
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1
