Home Local News IOWA SENATE TAKES 1ST STEP TO ELIMINATE INHERITANCE TAX

IOWA SENATE TAKES 1ST STEP TO ELIMINATE INHERITANCE TAX

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REPUBLICANS ON A SENATE COMMITTEE HAVE VOTED TO PHASE OUT THE STATE INHERITANCE TAX.

THE BILL ALSO WOULD ACCELERATE THE PLAN TO PHASE IN STATE INCOME TAX CUTS.

SENATOR DAN DAWSON OF COUNCIL BLUFFS, SAYS FOR IOWA TO BE MORE COMPETITIVE, THE TAX BURDEN MUST BE LOWERED.

DT4 OC………..IN OUR STATE.” :04

DAWSON SAYS THE STATE DOESN’T HAVE A COMPELLING INTEREST TO COLLECT INHERITANCE TAXES.

DTAX5 OC……….:AT 15 PERCENT.” :16

UNDER CURRENT IOWA LAW, LINEAL DESCENDANTS — THAT WOULD BE CHILDREN, GRANDCHILDREN AND GREAT GRANDCHILDREN — PAY NO INCOME TAX ON INHERITED PROPERTY. BROTHERS, SISTERS AND INLAWS PAY BETWEEN FIVE AND 10 PERCENT, WHILE UNCLES, AUNTS AND COUSINS COULD PAY UP TO 15 PERCENT.

DEMOCRATS OPPOSE THE MOVES, WARNING THE STATE’S BUDGET COULD TAKE A BILLION DOLLAR HIT IN A COUPLE OF YEARS.

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