Text: HF2672            Text: HF2674


House File 2673

AN ACT RELATING TO THE INHERITANCE TAX ON ANY INTEREST IN A QUALIFIED TUITION PLAN. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: Section 1. Section 12D.9, Code 2007, is amended by adding the following new subsection: NEW SUBSECTION. 3. State inheritance tax treatment of interests in Iowa educational savings plans shall be as provided in section 450.4, subsection 10. This subsection shall apply to all Iowa educational savings plans existing on or after July 1, 1998. Sec. 2. Section 450.4, Code Supplement 2007, is amended by adding the following new subsection: NEW SUBSECTION. 10. On the value of any interest in a qualified tuition plan, as defined in section 529 of the Internal Revenue Code, to the same extent to which the value is excluded from the decedent's gross estate for federal estate tax purposes. This subsection shall apply to all qualified tuition plans that are in existence on or after July 1, 1998. PATRICK J. MURPHY Speaker of the House JOHN P. KIBBIE President of the Senate I hereby certify that this bill originated in the House and is known as House File 2673, Eighty=second General Assembly. MARK BRANDSGARD Chief Clerk of the House Approved , 2008 CHESTER J. CULVER Governor
Text: HF2672            Text: HF2674