Bills › 90th General Assembly
Relating to an exception to the real estate transfer tax for deeds that transfer distributions of assets to beneficiaries of a trust
Sponsored by the House Judiciary Committee
Topics:Taxes
Where it is now
- Done: IntroducedJanuary 25, 2023
- Skipped: SubcommitteeSkipped
- Done: House committeeFebruary 2, 2023
- Done: Passes the HouseFebruary 2, 202398–0
- Done: Senate committeeMarch 16, 2023
- Done: Passes the SenateApril 25, 202349–0
- Done: To the GovernorMay 9, 2023
- Done: Signed into lawJune 1, 2023
Signed into law What’s a funnel?
What’s in it
AI summary People who receive assets from a trust through a deed would no longer have to pay a real estate transfer tax if they are not paying for the property. This change also means they do not need to submit a formal declaration of value to the county recorder for these specific transfers.1
Read the official explanation
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).
Changed since by amendment S-3086; see Amendments.
Senate subcommittee
Named February 8, 2023. On February 14, 2023 it recommended amendment and passage. [].
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
1 written public comment to its subcommittee: January 17, 2023 (1) · on the Legislature’s site
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90th General Assembly