Bills › 88th General Assembly
Relating to inheritance taxes, by providing for an exemption, and including applicability provisions
Topics:Taxes
Where it is now
- Done: IntroducedApril 3, 2019
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
This bill amends Iowa’s inheritance tax law in which property owned by a person who has died (any part of the decedent’s estate) and passing to an heir or beneficiary, regardless of whether the decedent made a will, is taxed at a progressively higher rate based on the value of the property., children or grandchildren). The bill creates a similar exemption for agricultural land, including any associated farmstead, which passes to a farm hand subject to several eligibility requirements for each of the previous years.
Read the full explanation
The agricultural land must have been eligible for the family farm tax credit, the decedent must have filed a schedule F as part of a federal tax return, the agricultural land must have been part of an ongoing farming operation, and the farm hand must have received a wage or salary for performing agricultural labor on the agricultural land. The bill applies to estates of decedents dying on or after July 1, 2019.