| LAWS OF THE 2001 REGULAR SESSION OF THE SEVENTY-NINTH GENERAL ASSEMBLY OF THE STATE OF IOWA |
Section 1. Section 450.4, subsection 1, Code 2001, is amended to read as follows:
1. When the entire estate of the decedent does not exceed the sum of
ten
twenty-five thousand dollars
after deducting the liabilities, as defined in this chapter.
Sec. 2. Section 450.44, Code 2001, is amended to read as follows:
450.44 REMAINDERS — VALUATION.
When a person whose estate over and above the amount of that person's liabilities,
as defined in this chapter, exceeds the sum of
ten
twenty-five thousand dollars,
bequeaths, devises, or otherwise transfers real property to or for the use of persons exempt from the
tax imposed by this chapter, during life or for a term of years and the remainder to persons
not thus exempt, this property, upon the determination of the estate for life or years, shall
be valued at its then actual market value from which shall be deducted the value of any
improvements on it made by the person who owns the remainder interest during the time of the
prior estate, to be determined as provided in section 450.37, subsection 1, paragraph "a", and
the tax on the remainder shall be paid by the person who owns the remainder interest
as provided in section 450.46.
Sec. 3. Section 633.356, subsection 1, unnumbered paragraph 1, Code 2001, is amended to read as follows:
When the gross value of the decedent's personal property does not exceed
ten
twenty-five thousand dollars and there is no real property or the real property passes to
a surviving spouse
persons exempt from inheritance tax pursuant to section
450.9 as joint tenant
tenants with right of survivorship, and if forty days have elapsed since the death of the
decedent, the successor of the decedent as defined in subsection 2 may, by filing an
affidavit prepared pursuant to subsection 3, and without procuring letters of appointment, do any
of the following with respect to one or more particular items of personal property:
Sec. 4. Section 633.356, subsection 3, paragraph c, Code 2001, is amended to read as follows:
c. That the gross value of the decedent's personal property does not exceed
ten
twenty-five thousand
dollars and there is no real property or the real property passes to
a surviving spouse
persons exempt from
inheritance tax pursuant to section 450.9 as joint
tenant
tenants with right of survivorship.
Sec. 5. APPLICABILITY. This Act applies to estates of decedents dying on or after July 1, 2001.
Approved May 16, 2001
Updated: 29-Oct-2001 02:00 PM
rc/sw