Bills › 89th General Assembly
Relating to the state inheritance tax by modifying gift amounts excludable in an estate and modifying the exemption amount of estates of a certain size, and including applicability provisions
Topics:Taxes
Where it is now
- Done: IntroducedApril 21, 2021
- 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 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary Iowa would change how it calculates inheritance taxes for people who have passed away. It would allow larger gifts to be made without them being counted toward the total value of an estate. Additionally, the amount of money an estate can hold before it has to pay this tax would increase from $25,000 to $100,000.1
Read the official explanation
This bill relates to the state inheritance tax by modifying gift amounts includable in an estate and modifying the exemption amount of estates of a certain size, and includes applicability provisions. Currently, annual gifts made within three years of death of the decedent that are in excess of the federal gift tax exclusion, presently set at $15,000, are included in an estate for purposes of calculating the state inheritance tax. The federal gift tax exclusion increases over time with inflation. The bill specifies that a gift made within three years of the death of a decedent shall not be included in the estate unless the gift exceeds the federal gift tax exclusion amount (currently $15,000) or $25,000, whichever is greater. The bill also increases from $25,000 to $100,000 the value at which estates are exempt from the state inheritance tax. The bill applies to estates of decedents dying on or after July 1, 2021.