HF 111: Relating to an exception to the real estate transfer tax for deeds that transfer distributions of assets to beneficiaries of a trust

What it does

This bill creates an exception to the real estate transfer tax for deeds that transfer distributions of assets to beneficiaries of a trust when conveyed without consideration. By operation of law, a declaration of value is not required to be submitted to the county recorder for such transfers under Code sections 428A.1(2) and 428A.4(2).

Senate subcommittee · named February 8, 2023

• Sen. Annette Sweeney (R) · annette.sweeney@legis.iowa.gov
• Sen. Chris Cournoyer (R)
• Sen. Herman C. Quirmbach (D) · herman.quirmbach@legis.iowa.gov

Lobbying · 2 for, 0 against

For: Home Builders Association of Iowa; Iowa State Bar Association

In plain words

1. January 25, 2023Filed in the House
2. February 2, 2023Passed the House, 98–0
3. February 7, 2023Sent to the Senate Ways and Means committee
4. February 8, 2023Senate subcommittee named: Sweeney, Cournoyer and Quirmbach
5. February 14, 2023Subcommittee recommended passing it with changes
6. March 16, 2023Approved by the Senate committee
7. April 25, 2023Passed the Senate, 49–0
8. May 1, 2023Passed the House, 94–0
9. May 9, 2023Sent to the Governor
10. June 1, 2023Signed into law