| 1 | 1 | | House Study Bill 89 - Introduced SENATE/HOUSE FILE _____ BY (PROPOSED DEPARTMENT OF REVENUE BILL) A BILL FOR An Act relating to the administration of the tax by the 1 department of revenue by modifying provisions related to 2 personal income, property, sales and use, motor fuel, and 3 inheritance taxes, changing tax expenditure reviews, and 4 including effective date and retroactive applicability 5 provisions. 6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 7 TLSB 1390XD (7) 91 jm/jh |
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| 3 | 3 | | S.F. _____ H.F. _____ DIVISION I 1 DISCLOSURE OF TAX INFORMATION 2 Section 1. Section 421.19, subsection 2, Code 2025, is 3 amended by striking the subsection and inserting in lieu 4 thereof the following: 5 2. The department may notify federal, state, or local 6 law enforcement agencies, and may disclose state returns, 7 state return information, state investigative information or 8 audit information, or any other state information, to such law 9 enforcement agencies, if the department has information that 10 indicates any of the following: 11 a. A person intentionally filed a false claim, affidavit, 12 return, or other information with intent to evade tax or obtain 13 a refund, credit, or other benefit from the department. 14 b. A person failed to file a return with intent to evade a 15 tax or filing requirement. 16 c. A person failed to pay with the intent to evade tax. 17 d. A person committed any act or omission that is a criminal 18 offense under a provision of this title administered by the 19 department. 20 Sec. 2. Section 421.19, subsection 3, Code 2025, is amended 21 to read as follows: 22 3. Notwithstanding sections 422.20 and 422.72 , the 23 department may disclose state returns, state return 24 information, state investigative or audit information, or any 25 other state information as provided under this section . 26 Sec. 3. Section 422.20, subsection 3, paragraph a, Code 27 2025, is amended to read as follows: 28 a. Unless otherwise expressly permitted by section 8G.4 , 29 section 11.41 , section 96.11, subsection 6 , section 421.17, 30 subsections 22, 23, and 26 , section 421.17, subsection 27 , 31 paragraph k , section 421.17, subsection 31 , section 252B.9 , 32 section 321.40, subsection 6 , sections 321.120 , 421.19 , 421.28 , 33 421.59 , 421.65 , 422.72 , and 452A.63 , and 556.19, subsection 2, 34 this section , or another provision of law, a tax return, return 35 -1- LSB 1390XD (7) 91 jm/jh 1/ 26 |
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| 5 | 5 | | S.F. _____ H.F. _____ information, or investigative or audit information shall not 1 be divulged to any person or entity, other than the taxpayer, 2 the department, or internal revenue service for use in a matter 3 unrelated to tax administration. 4 Sec. 4. Section 422.72, subsection 3, paragraph a, Code 5 2025, is amended to read as follows: 6 a. Unless otherwise expressly permitted by section 8G.4 , 7 section 11.41 , section 96.11, subsection 6 , section 421.17, 8 subsections 22, 23, and 26 , section 421.17, subsection 27 , 9 paragraph k , section 421.17, subsection 31 , section 252B.9 , 10 section 321.40, subsection 6 , sections 321.120 , 421.19 , 421.28 , 11 421.65 , 422.20 , and 452A.63 , and section 556.19, subsection 2, 12 this section , or another provision of law, a tax return, return 13 information, or investigative or audit information shall not 14 be divulged to any person or entity, other than the taxpayer, 15 the department, or internal revenue service for use in a matter 16 unrelated to tax administration. 17 Sec. 5. EFFECTIVE DATE. This division of this Act, being 18 deemed of immediate importance, takes effect upon enactment. 19 DIVISION II 20 ANNUAL REPORTING 21 Sec. 6. Section 421.60, subsection 2, paragraph k, Code 22 2025, is amended by striking the paragraph. 23 Sec. 7. Section 422.75, Code 2025, is amended to read as 24 follows: 25 422.75 Statistics publication. 26 The department shall prepare and publish an annual report 27 which shall include statistics reasonably available, with 28 respect to the operation of this chapter , including amounts 29 collected, classification of taxpayers, and such other facts 30 as are deemed pertinent and valuable. The annual report shall 31 also include the reports and information required pursuant to 32 section 421.60, subsection 2 , paragraph k . 33 DIVISION III 34 PROPERTY TAX CHANGES 35 -2- LSB 1390XD (7) 91 jm/jh 2/ 26 |
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| 7 | 7 | | S.F. _____ H.F. _____ Sec. 8. Section 425.20, subsection 3, Code 2025, is amended 1 to read as follows: 2 3. In case of sickness, absence, or other disability of 3 the claimant or if, in the judgment of the director of revenue 4 or the director of health and human services , as applicable, 5 good cause exists and the claimant requests an extension, the 6 director of health and human services may extend the time for 7 filing a claim for reimbursement and the director of revenue 8 may extend the time for filing a claim for credit . However, 9 any further time granted shall not extend beyond December 31 10 of the year following the year in which the claim was required 11 to be filed. Claims filed as a result of this subsection shall 12 be filed with the director of health and human services or the 13 director of revenue, as applicable, who shall provide for the 14 reimbursement of the claim to the claimant. 15 Sec. 9. Section 445.60, Code 2025, is amended to read as 16 follows: 17 445.60 Refunding erroneous tax. 18 The board of supervisors shall direct the county treasurer 19 to refund to the taxpayer any tax or portion of a tax found to 20 have been erroneously or illegally paid, with all interest, 21 fees, and costs actually paid. A refund shall not be ordered 22 or made unless a claim for refund is presented to the board 23 within two years of the date the tax was due, or if appealed 24 to the board of review, the property assessment appeal board, 25 director of revenue, or district court, within two years of the 26 final decision. 27 Sec. 10. EFFECTIVE DATE. The following, being deemed of 28 immediate importance, takes effect upon enactment: 29 The section of this division of this Act amending section 30 445.60. 31 DIVISION IV 32 FARM TENANCY INCOME TAX EXCLUSION 33 Sec. 11. Section 422.7, subsection 14, paragraph a, Code 34 2025, is amended to read as follows: 35 -3- LSB 1390XD (7) 91 jm/jh 3/ 26 |
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| 9 | 9 | | S.F. _____ H.F. _____ a. Subtract, to the extent included, net income received 1 by an eligible individual pursuant to a farm tenancy agreement 2 covering real property held by the eligible individual for 3 ten or more years, if the eligible individual materially 4 participated in a farming business for ten or more years in the 5 aggregate . 6 Sec. 12. Section 422.7, subsection 14, paragraph f, Code 7 2025, is amended by adding the following new subparagraph: 8 NEW SUBPARAGRAPH . (04) Held shall be determined with 9 reference to the holding period provisions of section 1223 of 10 the Internal Revenue Code and the federal regulations pursuant 11 thereto. 12 DIVISION V 13 PASS-THROUGH ENTITIES 14 Sec. 13. Section 422.25C, subsection 2, Code 2025, is 15 amended to read as follows: 16 2. For tax years beginning on or after January 1, 2020, any 17 adjustments to a partnerships or pass-through entitys items 18 of income, gain, loss, expense, or credit, or an adjustment to 19 such items allocated to a partner that holds an interest in a 20 partnership or pass-through entity for the reviewed year by 21 the department as a result of a state partnership audit, shall 22 be determined at the partnership level or pass-through entity 23 level in the same manner as provided by section 6221(a) of the 24 Internal Revenue Code and the regulations thereunder unless a 25 different treatment is specifically provided in this title . 26 The provisions of sections 6222, 6223, and 6227 of the Internal 27 Revenue Code and the regulations thereunder shall also apply to 28 a partnership or pass-through entity and its direct or indirect 29 partners in the same manner as provided in such sections unless 30 a different treatment is specifically provided in this title . 31 For purposes of applying such sections, due account shall be 32 made for differences in federal and Iowa terminology. The 33 adjustment provided by section 6221(a) of the Internal Revenue 34 Code shall be determined as provided in such section but shall 35 -4- LSB 1390XD (7) 91 jm/jh 4/ 26 |
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| 11 | 11 | | S.F. _____ H.F. _____ be based on Iowa taxable income or other tax attributes of 1 the partnership or pass-through entity as determined pursuant 2 to this chapter for the reviewed year. The department shall 3 issue a notice of adjustment to the partnership or pass-through 4 entity. Such notice shall be treated as an assessment for the 5 purposes of section 422.25 , and the notice shall be appealable , 6 except as provided in section 422.25, by the partnership or 7 pass-through entity pursuant to sections 422.28 and 422.29 and 8 shall be issued within the time period provided by section 9 422.25 . Once the adjustments to partnership-related or 10 pass-through entity-related items or reallocations of income, 11 gains, losses, expenses, credits, and other attributes among 12 such partners for the reviewed year are finally determined, 13 the partnership or pass-through entity and any direct partners 14 or indirect partners shall then be subject to the provisions 15 of section 422.25, subsection 1 , paragraph e , and section 16 422.25A in the same manner as if the state partnership audit 17 were a federal partnership level audit, and as if the final 18 state partnership audit adjustment were a final federal 19 partnership adjustment. The penalty exceptions in section 20 421.27, subsection 2 , paragraphs b and c , shall not apply 21 to a state partnership audit. 22 Sec. 14. EFFECTIVE DATE. This division of this Act, being 23 deemed of immediate importance, takes effect upon enactment. 24 Sec. 15. RETROACTIVE APPLICABILITY. This division of this 25 Act applies retroactively to January 1, 2024. 26 DIVISION VI 27 SALES TAX CHANGES 28 Sec. 16. Section 423.2, subsection 1, paragraph b, Code 29 2025, is amended to read as follows: 30 b. (1) Sales of building materials, supplies, and equipment 31 to owners , contractors, subcontractors, or builders for the 32 erection of buildings or the alteration, repair, or improvement 33 of real property are retail sales of tangible personal property 34 in whatever quantity sold . Where the owner, contractor, 35 -5- LSB 1390XD (7) 91 jm/jh 5/ 26 |
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| 13 | 13 | | S.F. _____ H.F. _____ subcontractor, or builder is also a retailer holding a sales 1 or use tax permit and transacting retail sales of building 2 materials, supplies, and equipment, the person shall purchase 3 such items of tangible personal property without liability for 4 the tax if such property will be subject to the tax at the 5 time of resale or at the time it is withdrawn from inventory 6 for construction purposes. The sales tax shall be due in the 7 reporting period when the materials, supplies, and equipment 8 are withdrawn from inventory for construction purposes or 9 when sold at retail. The tax shall not be due when materials 10 are withdrawn from inventory for use in construction outside 11 of Iowa and the tax shall not apply to tangible personal 12 property purchased and consumed by the manufacturer as building 13 materials in the performance by the manufacturer or its 14 subcontractor of construction outside of Iowa. The sale of 15 carpeting is not a sale of building materials. The sale of 16 carpeting to owners, contractors, subcontractors, or builders 17 shall be treated as the sale of ordinary tangible personal 18 property and subject to the tax imposed under this subsection 19 and the use tax Sales of building materials and supplies to 20 contractors, subcontractors, or builders for the erection of 21 buildings and other structures or for the reconstruction, 22 alteration, expansion, or remodeling of buildings and other 23 structures are retail sales of tangible personal property. 24 Sales of building materials and supplies to contractors, 25 subcontractors, or builders for use in repairs to or for 26 installation in existing buildings and other structures 27 are purchases for resale. Sales of building equipment to 28 contractors, subcontractors, or builders are retails sales of 29 tangible personal property . 30 (2) Where the owner, contractor, subcontractor, or builder 31 is also a retailer holding a sales and use tax permit and 32 transacting retail sales of building materials, supplies, and 33 equipment, the person shall purchase such items of tangible 34 personal property without liability for the tax if such 35 -6- LSB 1390XD (7) 91 jm/jh 6/ 26 |
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| 15 | 15 | | S.F. _____ H.F. _____ property will be subject to sales tax at the time of resale 1 or subject to use tax at the time the retailer withdraws 2 such property from inventory for use by the retailer in 3 erecting buildings and other structures or for reconstruction, 4 alteration, expansion, or remodeling of buildings and other 5 structures. The tax shall be due in the reporting period 6 when the materials, supplies, or equipment are withdrawn from 7 inventory or when sold at retail. The tax shall not be due when 8 materials and supplies are withdrawn from inventory for use in 9 construction outside of Iowa. 10 (3) The sale of carpeting is not a sale of building 11 materials. Sales of carpeting to owners, contractors, 12 subcontractors, or builders are retail sales of tangible 13 personal property and subject to tax. 14 Sec. 17. Section 423.36, subsection 9, paragraph a, Code 15 2025, is amended to read as follows: 16 a. Except as provided in paragraph b , purchasers, users, 17 and consumers of tangible personal property, specified digital 18 products, or enumerated services taxed pursuant to subchapter 19 II or III of this chapter or chapter 423B may be authorized, 20 pursuant to rules adopted by the director, to remit tax owed 21 directly to the department instead of the tax being collected 22 and paid by the seller. To qualify for a direct pay tax permit, 23 the purchaser, user, or consumer must accrue a tax liability of 24 more than four eight thousand dollars in tax under subchapters 25 II and III in a semimonthly monthly period and make deposits 26 and file returns pursuant to section 423.31 . This authority 27 shall not be granted or exercised except upon application to 28 the director and then only after issuance by the director of a 29 direct pay tax permit. 30 DIVISION VII 31 MOTOR FUEL TAXES 32 Sec. 18. Section 452A.3, subsection 1, paragraph b, 33 unnumbered paragraph 1, Code 2025, is amended to read as 34 follows: 35 -7- LSB 1390XD (7) 91 jm/jh 7/ 26 |
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| 17 | 17 | | S.F. _____ H.F. _____ On and after July 1, 2030, an excise tax of thirty cents is 1 imposed on each gallon of ethanol blended gasoline classified 2 as E-15 or higher. Before July 1, 2030, the rate of the excise 3 tax on ethanol blended gasoline classified as E-15 or higher 4 shall be based on the number of gallons of ethanol blended 5 gasoline classified as E-15 or higher that are distributed 6 in this state as expressed as a percentage of the number of 7 gallons of motor fuel distributed in this state, which is 8 referred to as the distribution percentage. For purposes 9 of this paragraph b , only ethanol blended gasoline and 10 nonblended gasoline, not including aviation gasoline, shall be 11 used in determining the percentage basis for the excise tax. 12 The department shall determine the percentage basis for each 13 determination period beginning January 1 and ending December 31 14 based on information from reports submitted to the department 15 for filing pursuant to section 452A.33 . Before June 1, the 16 department may amend the distribution percentage due to a 17 mistake, if there is a late report filed by a retail dealer 18 to the department under section 452A.33, subsection 1, or if 19 the distribution percentage is not accurate. The rate for the 20 excise tax shall apply for the period beginning July 1 and 21 ending June 30 following the end of the determination period. 22 Before July 1, 2030, the rate of the excise tax on each gallon 23 of ethanol blended gasoline classified as E-15 or higher shall 24 be as follows: 25 Sec. 19. Section 452A.3, subsection 3, paragraph a, 26 subparagraph (2), unnumbered paragraph 1, Code 2025, is amended 27 to read as follows: 28 Except as otherwise provided in this section and in this 29 subchapter , this subparagraph shall apply to the excise tax 30 imposed on each gallon of biodiesel blended fuel classified 31 as B-20 or higher used for any purpose for the privilege of 32 operating motor vehicles in this state. On and after July 1, 33 2030, the rate of the excise tax on each gallon of biodiesel 34 blended fuel classified as B-20 or higher is thirty-two and 35 -8- LSB 1390XD (7) 91 jm/jh 8/ 26 |
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| 19 | 19 | | S.F. _____ H.F. _____ five-tenths cents. Before July 1, 2030, the rate of the excise 1 tax on each gallon of biodiesel blended fuel classified as 2 B-20 or higher shall be based on the number of gallons of 3 biodiesel blended fuel classified as B-20 or higher that are 4 distributed in this state as expressed as a percentage of the 5 number of gallons of special fuel for diesel engines of motor 6 vehicles distributed in this state, which is referred to as 7 the distribution percentage. The department shall determine 8 the percentage basis for each determination period beginning 9 January 1 and ending December 31 based on information from 10 reports submitted to the department for filing pursuant to 11 section 452A.33 . Before June 1, the department may amend the 12 distribution percentage due to a mistake, if there is a late 13 report filed by a retail dealer to the department under section 14 452A.33, subsection 1, or if the distribution percentage is 15 not accurate. The rate of the excise tax shall apply for the 16 period beginning July 1 and ending June 30 following the end of 17 the determination period. Before July 1, 2030, the rate of the 18 excise tax on each gallon of biodiesel blended fuel classified 19 as B-20 or higher shall be as follows: 20 Sec. 20. Section 452A.15, subsection 5, Code 2025, is 21 amended to read as follows: 22 5. The director may impose a civil penalty against any 23 person who fails to timely file the reports or keep the records 24 required under this section . The penalty shall be one hundred 25 dollars for the first violation and shall increase by one 26 hundred dollars for each additional violation occurring in the 27 calendar year in which the first violation occurred. 28 Sec. 21. Section 452A.33, subsection 2, unnumbered 29 paragraph 1, Code 2025, is amended to read as follows: 30 On or before April 1 the department shall deliver a report 31 to the governor and the legislative services agency. Before 32 June 1, the department may amend the report due to a mistake, 33 if there is a late report by a retail dealer under subsection 34 1, or if the report is not accurate. The report shall compile 35 -9- LSB 1390XD (7) 91 jm/jh 9/ 26 |
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| 21 | 21 | | S.F. _____ H.F. _____ information reported by retail dealers to the department as 1 provided in this section and shall at least include all of the 2 following: 3 Sec. 22. Section 452A.41, subsection 5, paragraph a, Code 4 2025, is amended to read as follows: 5 a. For the purpose of determining the amount of liability 6 for the electric fuel tax, each dealer and user shall file with 7 the department not later than July 31 for the period beginning 8 January 1 and ending June 30, and not later than January 30 9 31 for the period beginning July 1 and ending December 30 31 , 10 a biannual tax return certified under penalties for false 11 certification. The return shall show, with reference to each 12 location at which fuel is delivered or placed by the dealer or 13 user into the battery or other energy storage device of any 14 electric motor vehicle during the next preceding six calendar 15 months, information as required by the department. On and 16 after January 1, 2026, the department may require by rule that 17 such tax returns be filed quarterly. 18 Sec. 23. Section 452A.44, Code 2025, is amended by adding 19 the following new subsection: 20 NEW SUBSECTION . 4. If electric fuel is sold or dispensed 21 for a nontaxable purpose, the purchaser may complete and 22 provide an exemption certificate produced by the department to 23 the license holder. 24 DIVISION VIII 25 INHERITANCE TAX FUTURE CODE CHANGES DUE TO REPEAL 26 Sec. 24. Section 12D.9, subsection 3, Code 2025, is amended 27 to read as follows: 28 3. State For a death occurring before January 1, 2025, state 29 inheritance tax treatment of interests in Iowa educational 30 savings plans shall be as provided in section 450.4, subsection 31 8 . This subsection shall apply to all Iowa educational savings 32 plans existing on or after July 1, 1998. 33 Sec. 25. Section 12I.8, subsection 3, Code 2025, is amended 34 to read as follows: 35 -10- LSB 1390XD (7) 91 jm/jh 10/ 26 |
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| 23 | 23 | | S.F. _____ H.F. _____ 3. State For a death occurring before January 1, 2025, state 1 inheritance tax treatment of interests in Iowa ABLE savings 2 plans shall be as provided in section 450.4, subsection 9 . 3 Sec. 26. Section 12I.10, subsection 3, Code 2025, is amended 4 to read as follows: 5 3. State For a death occurring before January 1, 2025, state 6 inheritance tax treatment of interests in the qualified ABLE 7 program with which the state has contracted pursuant to this 8 section shall be as provided in section 450.4, subsection 9 . 9 Sec. 27. Section 16.177, subsection 8, Code 2025, is amended 10 to read as follows: 11 8. Bonds issued under this section are declared to be issued 12 for an essential public and governmental purpose and all bonds 13 issued under this section shall be exempt from taxation by the 14 state of Iowa and the interest on the bonds shall be exempt 15 from the state income tax and the any state inheritance tax. 16 Sec. 28. Section 321.47, subsection 2, paragraph a, Code 17 2025, is amended to read as follows: 18 a. The persons entitled under the laws of descent and 19 distribution to the possession and ownership of a vehicle owned 20 in whole or in part by a decedent who died intestate, upon 21 filing an affidavit stating the name and date of death of the 22 decedent, the right to possession and ownership of the persons 23 filing the affidavit, and that there has been no administration 24 of the decedents estate, which instrument must also contain 25 an agreement by the affiant to indemnify creditors of the 26 decedent who would be entitled to levy execution upon the motor 27 vehicle to the extent of the value of the motor vehicle, shall, 28 upon complying with the other title transfer requirements of 29 this chapter , be issued a registration card for the decedents 30 interest in the vehicle and a certificate of title to the 31 vehicle. If a decedent died testate, and either the will is 32 not probated or is admitted to probate without administration, 33 the persons entitled to the possession and ownership of 34 a vehicle owned in whole or in part by the decedent may 35 -11- LSB 1390XD (7) 91 jm/jh 11/ 26 |
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| 25 | 25 | | S.F. _____ H.F. _____ file an affidavit and, upon complying with the other title 1 transfer requirements of this chapter , shall be issued a 2 registration card for the decedents interest in the vehicle 3 and a certificate of title to the vehicle. The affidavit 4 must contain the same information and indemnity agreement 5 as is required in cases of intestacy under this subsection . 6 Chapter 450 is not For a death occurring before January 1, 7 2025, a requirement of chapter 450 shall not be considered 8 satisfied by the filing of the affidavit provided for in this 9 subsection . If, from the records in the office of the county 10 treasurer, there appear to be any liens on the vehicle, the 11 certificate of title must contain a statement of the liens 12 unless the application is accompanied by proper evidence of 13 the satisfaction or extinction of such liens. Evidence of 14 extinction includes but is not limited to an affidavit of the 15 applicant stating that a security interest was foreclosed as 16 provided in chapter 554, article 9, part 6 . The department 17 shall waive the certificate of title fee and surcharge required 18 under sections 321.20 , 321.20A , 321.23 , 321.46 , 321.52 , and 19 321.52A if the person entitled to possession and ownership of 20 a vehicle, as provided in this subsection , is the surviving 21 spouse of a decedent. 22 Sec. 29. Section 331.602, subsection 23, Code 2025, is 23 amended to read as follows: 24 23. Forward For deaths occurring before January 1, 2025, 25 forward to the director of revenue a copy of any deed, bill of 26 sale, or other transfer which shows that it is made or intended 27 to take effect at or after the death of the person executing 28 the instrument as provided in section 450.81 . 29 Sec. 30. Section 331.756, subsection 57, Code 2025, is 30 amended to read as follows: 31 57. Represent For deaths occurring before January 1, 2025, 32 represent the state in litigation relating to the inheritance 33 tax if requested by the department of revenue as provided in 34 section 450.1 . 35 -12- LSB 1390XD (7) 91 jm/jh 12/ 26 |
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| 27 | 27 | | S.F. _____ H.F. _____ Sec. 31. Section 421.27, subsection 1, paragraph d, 1 subparagraph (13), Code 2025, is amended to read as follows: 2 (13) That For a death occurring before January 1, 2025, 3 that an Iowa inheritance tax return is filed for an estate 4 within the later of nine months from the date of death or sixty 5 days from the filing of a disclaimer by the beneficiary of the 6 estate refusing to take the property or right or interest in 7 the property. 8 Sec. 32. Section 421.60, subsection 2, paragraph c, 9 subparagraph (1), Code 2025, is amended to read as follows: 10 (1) If the notice of assessment or denial of a claim for 11 refund relates to a tax return filed pursuant to section 12 422.14 , or pursuant to chapter 450 for a death occurring before 13 January 1, 2025, by the taxpayer which designates an individual 14 as an authorized representative of the taxpayer with respect to 15 that return, or if a power of attorney has been filed with the 16 department by the taxpayer which designates an individual as 17 an authorized representative of the taxpayer with respect to 18 any tax that is included in the notice of assessment or denial 19 of a claim for refund, a copy of the notice together with any 20 additional information required to be sent to the taxpayer 21 shall be sent to the authorized representative as well. 22 Sec. 33. Section 422.27, subsection 1, Code 2025, is amended 23 to read as follows: 24 1. A final account of a personal representative , as defined 25 in section 450.1 , shall not be allowed by any court unless the 26 account shows, and the judge of the court finds, that all taxes 27 imposed by this subchapter upon the personal representative, 28 which have become payable, have been paid, and that all taxes 29 which may become due are secured by bond or deposit, or are 30 otherwise secured. The certificate of acquittances of the 31 department of revenue is conclusive as to the payment of the 32 tax to the extent of the acquittance. This subsection does 33 not apply if all property in the estate of a decedent is 34 held in joint tenancy with right of survivorship by husband 35 -13- LSB 1390XD (7) 91 jm/jh 13/ 26 |
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| 29 | 29 | | S.F. _____ H.F. _____ and wife alone. For purposes of this subsection, personal 1 representative means an administrator, executor, or trustee as 2 each is defined in section 633.3. 3 Sec. 34. Section 496C.14, subsection 6, paragraph h, Code 4 2025, is amended to read as follows: 5 h. Notwithstanding the provisions of this section , 6 payment of any part of the purchase price for shares of a 7 deceased shareholder shall not be required until the executor 8 or administrator of the deceased shareholder provides 9 any indemnity, release, or other document from any taxing 10 authority, which is reasonably necessary to protect the 11 corporation against liability for any estate , inheritance, and 12 death taxes tax, or any inheritance tax for a death occurring 13 before January 1, 2025 . 14 Sec. 35. Section 524.805, subsection 8, Code 2025, is 15 amended to read as follows: 16 8. A state bank may receive deposits from one or more 17 persons with the provision that upon the death of the 18 depositors the deposit account shall be the property of the 19 person or persons designated by the deceased depositors as 20 shown on the deposit account records of the state bank. After 21 payment by the state bank, the proceeds shall remain subject 22 to the any debts of the decedent and the any payment of Iowa 23 inheritance tax , if any for a death occurring prior to January 24 1, 2025 . A state bank paying the person or persons designated 25 shall not be liable as a result of that action for any debts 26 of the decedent or for any estate, inheritance, or succession 27 taxes which may be due this state. 28 Sec. 36. Section 541A.2, subsection 6, unnumbered paragraph 29 1, Code 2025, is amended to read as follows: 30 An individual development account closed in accordance 31 with this subsection is not subject to the limitations and 32 benefits provided by this chapter but is subject to state tax 33 in accordance with the provisions of section 422.7, subsection 34 17 , and in accordance with the provisions of section 450.4, 35 -14- LSB 1390XD (7) 91 jm/jh 14/ 26 |
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| 31 | 31 | | S.F. _____ H.F. _____ subsection 6 , for a death occurring before January 1, 2025 . An 1 individual development account may be closed for any of the 2 following reasons: 3 Sec. 37. Section 602.8102, subsection 63, Code 2025, is 4 amended to read as follows: 5 63. Carry out duties relating to the inheritance tax as 6 provided in chapter 450 for deaths occurring before January 1, 7 2025 . 8 Sec. 38. Section 633.21, Code 2025, is amended to read as 9 follows: 10 633.21 Appraisers fees and referees fees fixed by rule. 11 The district judges of each judicial district shall by rule 12 fix the fees of probate referees, and also provide, insofar as 13 practicable, a uniform schedule of compensation for inheritance 14 tax appraisers, other appraisers, brokers, and agents employed 15 at estate expense. 16 Sec. 39. Section 633.31, subsection 2, paragraph a, Code 17 2025, is amended to read as follows: 18 a. For services performed in short form probates 19 pursuant to sections 450.22 and 450.44 for deaths occurring 20 before January 1, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15.00 21 Sec. 40. Section 633.356, subsection 1, unnumbered 22 paragraph 1, Code 2025, is amended to read as follows: 23 When the gross value of the decedents personal property 24 that would otherwise be distributed by will or intestate 25 succession is or has been, at any time since the decedents 26 death, fifty thousand dollars or less and there is no real 27 property , or for deaths occurring before January 1, 2025, the 28 real property passes to persons exempt from inheritance tax 29 as joint tenants with full rights of survivorship pursuant to 30 chapter 450 , and if forty days have elapsed since the death of 31 the decedent, a successor as defined in subsection 2 may, by 32 furnishing an affidavit prepared pursuant to subsection 3 or 33 8 , and without procuring letters of appointment, do any of the 34 following with respect to one or more items of such personal 35 -15- LSB 1390XD (7) 91 jm/jh 15/ 26 |
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| 33 | 33 | | S.F. _____ H.F. _____ property: 1 Sec. 41. Section 633.356, subsection 3, paragraph a, 2 subparagraph (3), Code 2025, is amended to read as follows: 3 (3) That the gross value of the decedents personal property 4 that would otherwise be distributed by will or intestate 5 succession is, or has been at any time since the decedents 6 death, fifty thousand dollars or less and there is no real 7 property , or for deaths occurring before January 1, 2025, the 8 real property passes to persons exempt from inheritance tax 9 as joint tenants with full rights of survivorship pursuant to 10 chapter 450 . 11 Sec. 42. Section 633.356, subsection 3, paragraph a, 12 subparagraph (10), Code 2025, is amended to read as follows: 13 (10) That no inheritance or other taxes are owed to the 14 department of revenue for a death occurring prior to January 1, 15 2025 , or if taxes are owed, that the taxes will be paid to the 16 extent of funds received pursuant to the affidavit. 17 Sec. 43. Section 633.356, subsection 9, Code 2025, is 18 amended to read as follows: 19 9. Upon receipt of an affidavit under subsection 3 and 20 reasonable proof under subsection 5 of the identity of each 21 successor seeking distribution by virtue of the affidavit, 22 the holder of the property shall disclose to the affiant 23 whether the value of the property held by the holder is, or has 24 been at any time since the decedents death, fifty thousand 25 dollars or less. An affidavit furnished for the purpose of 26 determining whether the value of the property is, or has 27 been at any time since the decedents death, fifty thousand 28 dollars or less need not contain the language required under 29 subsection 3 , paragraph a , subparagraph (3), but shall state 30 that the affiant reasonably believes that the gross value 31 of the decedents personal property that would otherwise be 32 distributed by will or intestate succession is, or has been at 33 any time since the decedents death, fifty thousand dollars 34 or less and there is no real property or for deaths occurring 35 -16- LSB 1390XD (7) 91 jm/jh 16/ 26 |
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| 35 | 35 | | S.F. _____ H.F. _____ before January 1, 2025, the real property passes to persons 1 exempt from inheritance tax as joint tenants with full rights 2 of survivorship pursuant to chapter 450 . 3 Sec. 44. Section 633.361, subsection 12, Code 2025, is 4 amended to read as follows: 5 12. A listing of all other items, with estimated values, 6 which are subject to Iowa inheritance tax for deaths occurring 7 before January 1, 2025, or federal estate tax. 8 Sec. 45. Section 633.365, Code 2025, is amended to read as 9 follows: 10 633.365 Appraisement. 11 Property belonging to the estate need not be appraised 12 unless required for inheritance tax purposes for deaths 13 occurring before January 1, 2025 , under the provisions of this 14 probate code, or by order of court. 15 Sec. 46. Section 633.399, Code 2025, is amended to read as 16 follows: 17 633.399 Report for approval. 18 After making any such sale, mortgage, exchange or lease 19 of real property, the personal representative shall make 20 a verified report thereof to the court. The court shall 21 examine said report, and if satisfied that the sale, mortgage, 22 exchange, or lease has been at a price and upon terms 23 advantageous to the estate, and, in all respects, made in 24 conformity with law, and that it ought to be confirmed, shall 25 confirm the same and order the personal representative to 26 deliver a deed, mortgage, lease or other proper instruments 27 to the persons entitled thereto; provided, however, that in 28 the event said real property has been sold at private sale 29 without an appraisal for inheritance tax purposes for a death 30 occurring before January 1, 2025, or for purpose of such sale, 31 or, if it has been so appraised and has been sold at private 32 sale for less than the appraised value thereof, then, upon the 33 filing of such report, the court may enter an order fixing a 34 time and place for hearing thereon and prescribe a notice of 35 -17- LSB 1390XD (7) 91 jm/jh 17/ 26 |
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| 36 | 36 | | |
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| 37 | 37 | | S.F. _____ H.F. _____ such hearing to be served upon all interested persons, any one 1 of whom, prior to the time fixed for such hearing, may file 2 written objections to the entry of an order approving said 3 sale. If not satisfied that the sale, mortgage, exchange, or 4 lease has been made in conformity with law and that it is to the 5 best interests of the estate, the court may reject the sale, 6 mortgage, exchange, or lease, and enter such orders as the 7 court may deem advisable. 8 Sec. 47. Section 633.477, subsection 10, Code 2025, is 9 amended to read as follows: 10 10. A statement as to whether or not all statutory 11 requirements pertaining to taxes have been complied with 12 including whether the federal estate tax due has been paid, 13 whether a lien continues to exist for any federal estate tax, 14 and whether inheritance tax was paid or a return was filed in 15 this state for a death occurring before January 1, 2025 . 16 Sec. 48. Section 633.479, subsection 2, paragraph a, 17 subparagraph (5), Code 2025, is amended to read as follows: 18 (5) Compliance with sections section 422.27 , and section 19 450.58 for deaths occurring before January 1, 2025, have been 20 fulfilled. 21 Sec. 49. Section 633.481, Code 2025, is amended to read as 22 follows: 23 633.481 Certificate to county recorder for tax purposes 24 without administration. 25 When an inventory or report is filed under section 450.22 for 26 deaths occurring before January 1, 2025 , without administration 27 of the estate of the decedent, the heir or heirs attorney 28 shall prepare and deliver to the county recorder of the county 29 in which the real estate is situated a certificate pertaining 30 to each parcel of real estate described in the inventory or 31 report. Any fees for certificates or recording fees required 32 by this section or section 633.480 shall be assessed as costs 33 of administration. The fees for recording and indexing the 34 instrument shall be as provided in section 331.604 . The county 35 -18- LSB 1390XD (7) 91 jm/jh 18/ 26 |
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| 38 | 38 | | |
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| 39 | 39 | | S.F. _____ H.F. _____ recorder shall deliver the certificates to the county auditor 1 as provided in section 558.58 . 2 Sec. 50. Section 635.7, subsection 1, Code 2025, is amended 3 to read as follows: 4 1. The personal representative is required to file the 5 report and inventory for which provision is made in section 6 633.361 , including all probate and nonprobate assets. This 7 chapter does not exempt the personal representative from 8 complying with the requirements of section 422.27 , 450.22 , 9 450.58 , 633.480 , or 633.481 , and the administration of an 10 estate whether converted to or from a small estate shall be 11 considered one proceeding pursuant to section 633.330 . For 12 a death occurring before January 1, 2025, this chapter does 13 not exempt the personal representative from complying with the 14 requirements of section 450.22 or 450.58. 15 Sec. 51. Section 635.8, subsection 1, paragraph e, Code 16 2025, is amended to read as follows: 17 e. A statement that all statutory requirements pertaining to 18 taxes have been complied with, including whether federal estate 19 tax due has been paid, whether a lien continues to exist for 20 any federal estate tax, and whether inheritance tax was paid 21 or a tax return was filed in this state for a death occurring 22 before January 1, 2025 . 23 Sec. 52. Section 654.16, subsection 2, Code 2025, is amended 24 to read as follows: 25 2. If a homestead is designated, the court shall determine 26 the fair market value of the designated homestead before 27 the sheriffs sale. The court may consult with the county 28 appraisers appointed pursuant to section 450.24 for deaths 29 occurring before January 1, 2025 , or with one or more 30 independent appraisers, to determine the fair market value of 31 the designated homestead. 32 Sec. 53. EFFECTIVE DATE. This division of this Act, being 33 deemed of immediate importance, takes effect upon enactment. 34 Sec. 54. RETROACTIVE APPLICABILITY. This division of this 35 -19- LSB 1390XD (7) 91 jm/jh 19/ 26 |
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| 40 | 40 | | |
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| 41 | 41 | | S.F. _____ H.F. _____ Act applies retroactively to January 1, 2025, to the estates of 1 decedents dying on or after January 1, 2025. 2 DIVISION IX 3 LUMP SUM DISTRIBUTION OF RETIREMENT INCOME 4 Sec. 55. Section 422.5, subsection 7, Code 2025, is amended 5 to read as follows: 6 7. a. In addition to the other taxes imposed by this 7 section , a tax is imposed , except under paragraph b , on the 8 amount of a lump sum distribution for which the taxpayer has 9 elected under section 402(e) of the Internal Revenue Code to 10 be separately taxed for federal income tax purposes for the 11 tax year. The rate of tax is equal to twenty-five percent of 12 the separate federal tax imposed on the amount of the lump 13 sum distribution. A nonresident is liable for this tax only 14 on that portion of the lump sum distribution allocable to 15 Iowa. The total amount of the lump sum distribution subject 16 to separate federal tax shall be included in net income for 17 purposes of determining eligibility under subsections 2 and 3 , 18 as applicable , except the amount of the lump sum distribution 19 exempt from state tax in paragraph b shall not be included . 20 b. The amount of a lump sum distribution that is received 21 from a governmental or other pension or retirement plan, 22 including defined benefit or defined contribution plans, 23 annuities, individual retirement accounts, plans maintained or 24 contributed to by an employer, or maintained or contributed 25 to by a self-employed person as an employer, and deferred 26 compensation plans or any earnings attributable to the deferred 27 compensation plans is exempt from state tax imposed under 28 paragraph a if received by a person who is disabled, or is 29 fifty-five years of age or older, or is the surviving spouse of 30 an individual or is a survivor having an insurable interest in 31 an individual who would have qualified for the exemption under 32 this subsection for the tax year. 33 Sec. 56. EFFECTIVE DATE. This division of this Act, being 34 deemed of immediate importance, takes effect upon enactment. 35 -20- LSB 1390XD (7) 91 jm/jh 20/ 26 |
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| 42 | 42 | | |
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| 43 | 43 | | S.F. _____ H.F. _____ Sec. 57. RETROACTIVE APPLICABILITY. This division of this 1 Act applies retroactively to January 1, 2025, for tax years 2 beginning on or after that date. 3 DIVISION X 4 ESTIMATED TAX THRESHOLD 5 Sec. 58. Section 422.16, subsection 12, paragraph a, 6 subparagraph (1), Code 2025, is amended to read as follows: 7 (1) Taxpayers filing a return shall make estimated tax 8 payments if their Iowa income tax liability can reasonably be 9 expected to amount to two hundred one thousand dollars or more 10 for the year. 11 Sec. 59. EFFECTIVE DATE. This division of this Act takes 12 effect January 1, 2026. 13 Sec. 60. APPLICABILITY. This division of this Act applies 14 to tax years beginning on or after January 1, 2026. 15 DIVISION XI 16 TAX EXPENDITURE REVIEW 17 Sec. 61. Section 2.48, subsection 2, paragraph a, 18 subparagraph (1), Code 2025, is amended to read as follows: 19 (1) The department administering a tax expenditure 20 described in subsection 3 shall engage in a review of the tax 21 expenditure based upon the schedule in subsection 3 , unless the 22 tax expenditure is repealed . For purposes of this section, 23 a tax expenditure is considered repealed if a zero amount 24 remains available to be awarded, issued, or claimed under law. 25 If multiple departments administer the tax expenditure, the 26 departments shall cooperate in the review. 27 Sec. 62. Section 2.48, subsection 3, paragraph b, 28 subparagraph (1), Code 2025, is amended by striking the 29 subparagraph. 30 Sec. 63. Section 2.48, subsection 3, paragraph d, 31 subparagraphs (3) and (5), Code 2025, are amended by striking 32 the subparagraphs. 33 Sec. 64. Section 2.48, subsection 3, paragraph e, 34 subparagraph (4), Code 2025, is amended by striking the 35 -21- LSB 1390XD (7) 91 jm/jh 21/ 26 |
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| 44 | 44 | | |
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| 45 | 45 | | S.F. _____ H.F. _____ subparagraph. 1 Sec. 65. 2017 Iowa Acts, chapter 29, section 169, is amended 2 to read as follows: 3 SEC. 169. EFFECTIVE DATE. The following provision or 4 provisions in Division I of this Act take effect July 1, 2030 5 2039 : 6 1. The section of this Act amending section 2.48, subsection 7 3, paragraph h. 8 EXPLANATION 9 The inclusion of this explanation does not constitute agreement with 10 the explanations substance by the members of the general assembly. 11 This bill relates to the administration of the tax by 12 the department of revenue by modifying provisions related 13 to personal income, property, sales and use, motor fuel, 14 inheritance tax, and changing tax expenditure reviews. 15 DIVISION I DISCLOSURE OF TAX INFORMATION. The bill 16 specifies and updates the circumstances the department of 17 revenue (department) may disclose state tax return and audit 18 information to law enforcement. The bill also makes conforming 19 changes related to disclosure of state tax return information 20 to the treasurer of state for purposes of determining ownership 21 of abandoned property. 22 The division takes effect upon enactment. 23 DIVISION II ANNUAL REPORTING. The bill strikes the 24 requirement that the department annually report to the general 25 assembly the areas of recurrent taxpayer noncompliance with the 26 rules of the department including any recommendations relating 27 to the noncompliance. 28 DIVISION III PROPERTY TAX EXTENSIONS. Under current 29 law, a claimant may ask the director of the department, the 30 county treasurer, or the director of the department of health 31 and human services for an extension to claim a reimbursement 32 for rent constituting property taxes in case of sickness, 33 absence, or disability. The bill strikes the director of the 34 department from involvement in the extension request by the 35 -22- LSB 1390XD (7) 91 jm/jh 22/ 26 |
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| 46 | 46 | | |
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| 47 | 47 | | S.F. _____ H.F. _____ claimant. 1 Under current law, when issuing a refund for an erroneous 2 property tax paid by a taxpayer, the taxpayer must have 3 presented a claim of refund to the board of supervisors, or if 4 appealed, a claim to the property assessment appeal or district 5 court within two years of the final decision on the property 6 taxes owed. Under the bill, a taxpayer is eligible to claim 7 a refund for an erroneous tax if the taxpayer had previously 8 appealed the claim for a refund of an erroneous tax to the 9 director of revenue within two years of the directors final 10 decision. This provision takes effect upon enactment. 11 DIVISION IV FARM TENANCY INCOME TAX EXCLUSION. 12 Currently, an eligible individual may exclude income received 13 by the individual pursuant to a farm tenancy covering real 14 property held by the individual for 10 or more years, if the 15 individual materially participated in a farming business for 16 10 or more years. The bill allows the eligible individual to 17 exclude such income under such circumstances, if the individual 18 materially participated in a farming business for 10 or more 19 years in the aggregate. The bill further specifies the term 20 held is to be determined by the holding period provisions of 21 section 1223 of the Internal Revenue Code and other federal 22 regulations which is identical to the use of the term held 23 under the farming business exclusion in Code section 422.7(13). 24 DIVISION V PASS-THROUGH ENTITIES. Under current law, 25 the department may issue a notice of adjustment (adjustment of 26 tax) to a partnership or pass-through entity pursuant to Code 27 section 422.25C, and specifies that the notice of adjustment 28 is appealable pursuant to Code sections 422.28 and 422.29. 29 The bill specifies the notice of adjustment is not always 30 appealable under the circumstances provided in Code section 31 422.25. 32 The division takes effect upon enactment and applies 33 retroactively to January 1, 2024. 34 DIVISION VI SALES TAX CHANGES. The bill makes changes to 35 -23- LSB 1390XD (7) 91 jm/jh 23/ 26 |
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| 48 | 48 | | |
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| 49 | 49 | | S.F. _____ H.F. _____ the collection of sales taxes on building materials, supplies, 1 and equipment where an owner, contractor, subcontractor, or 2 builder is also a retailer holding a sales and use tax permit. 3 Under such circumstances, if a customer of the retailer 4 purchases tangible personal property from the retailer, the 5 bill provides that such property will not be subject to sales 6 tax if the property will be subject to sales tax at resale at a 7 later date or if the property will be subject to use tax at the 8 time the retailer withdraws the property from inventory for use 9 by the retailer in construction. The bill makes other related 10 changes to enhance the readability of the provision. 11 Under current law, a purchaser, user, and consumer of 12 taxable property or services may be authorized to remit tax 13 owed directly to the department instead of the tax being 14 collected and paid by the seller. The bill specifies that in 15 order to qualify for the direct pay tax permit such a taxpayer 16 must accrue a tax liability of more than $8,000 on a monthly 17 basis. Currently, such a taxpayer must accrue a tax liability 18 of $4,000 on a semimonthly basis in order to qualify for the 19 direct pay tax permit. 20 DIVISION VII MOTOR FUEL TAXES. Under current law and 21 before July 1, 2026, the department determines the rate of 22 excise tax imposed on each gallon of ethanol blended gasoline 23 based upon the distribution percentage calculated in Code 24 section 452A.3(1)(b), and the excise tax rate imposed on each 25 gallon of biodiesel blended fuel based on the distribution 26 percentage calculated in Code section 453A.3(3)(a)(2). The 27 department determines the distribution percentage based upon 28 data from reports filed pursuant to Code section 452A.33. The 29 bill allows the department to amend the initial distribution 30 percentage due to a mistake, or if there is a late report filed 31 by a retail dealer to the department, or the distribution 32 percentage is not accurate. 33 The bill changes the due date of a biannual tax return 34 relating to electric fuel tax due in January by one day, and 35 -24- LSB 1390XD (7) 91 jm/jh 24/ 26 |
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| 50 | 50 | | |
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| 51 | 51 | | S.F. _____ H.F. _____ modifies the biannual tax period by one day. 1 The bill allows a person who uses electric fuel for a 2 nontaxable purpose to provide an exemption certificate to 3 the license holder selling or dispensing the fuel, if the 4 certificate is produced by the department. 5 DIVISION VIII INHERITANCE TAX FUTURE CODE CHANGES DUE 6 TO REPEAL. The bill changes numerous Code sections to reflect 7 the repeal of the inheritance tax beginning for the estates of 8 decedents dying on or after January 1, 2025. However, other 9 provisions of Code chapter 450 relating to the inheritance 10 tax have not been repealed. The division takes effect upon 11 enactment and applies retroactively to the estates of decedents 12 dying on or after January 1, 2025. 13 DIVISION IX LUMP SUM DISTRIBUTION OF RETIREMENT INCOME. 14 Under current law, commencing with tax years beginning on or 15 after January 1, 2023, retirement income is not subject to 16 Iowa individual income tax. However, under current law a lump 17 sum distribution from a retirement account is subject to Iowa 18 income tax under Code section 422.5(8) at a rate of 25 percent 19 of the federal tax rate imposed on the amount of the lump sum 20 distribution. 21 The bill provides that the taxation of a lump sum 22 distribution from a retirement account is also exempt from 23 state taxation by exempting the lump sum distribution for a 24 person who is disabled, or 55 years of age or older, or who is 25 the surviving spouse of an individual or is a survivor having 26 an insurable interest in an individual who would have qualified 27 for the exemption for the tax year. 28 The bill excludes the lump sum distribution exempt from 29 state taxation from being included in calculating the 30 individual income tax filing thresholds in Code section 31 422.5(2) and (3). 32 The division takes effect upon enactment and applies 33 retroactively to tax years beginning on or after January 1, 34 2025. 35 -25- LSB 1390XD (7) 91 jm/jh 25/ 26 |
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| 52 | 52 | | |
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| 53 | 53 | | S.F. _____ H.F. _____ DIVISION X ESTIMATED TAX THRESHOLD. Under the bill, 1 a taxpayer filing a return is required to make estimated 2 tax payments if Iowa income tax liability can reasonably be 3 expected to exceed $1,000 or more. Under current law, such 4 a taxpayer filing a return is required to make estimated 5 tax payments if Iowa income tax liability can reasonably be 6 expected to exceed $200 or more. 7 The division takes effect January 1, 2026, and applies to tax 8 years beginning on or after that date. 9 DIVISION XI TAX EXPENDITURE REVIEW. The bill specifies 10 that the department administering a tax expenditure (tax 11 credit) is not required to review the tax expenditure if the 12 tax expenditure has been repealed or if a zero amount of the 13 tax expenditure remains available to be awarded or claimed. 14 The bill removes four tax expenditures from tax expenditure 15 review: the Iowa fund of funds program in Code chapter 15E, 16 the wind energy production tax credits under Code chapter 476B, 17 the ethanol promotion tax credit in Code section 422.11N (Code 18 2006), and the minimum tax credit under Code section 422.11B 19 (Code 2018). The bill amends the Acts to align the review of 20 the renewable chemical production tax credit in Code section 21 2.48 with the future repeal of the renewable chemical tax 22 credit program. 23 -26- LSB 1390XD (7) 91 jm/jh 26/ 26 |
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