The Link: Iowa Senate passes inheritance, acceleration of income tax reductions bill despite fiscal dilemmas

Date of Publication: March 18, 2021

Source: The Center Square

Reading Time: 2 min

Changes in the Iowa tax code are coming following the passing of SF 576 on March 17, 2021.  This affects taxes on inheritances to extended family and will phase in over the next 3 years.

“The Iowa Senate unanimously passed a bill that would phase out the state’s inheritance tax over a three-year period, eliminating it completely in 2024.”

The Centre Square article reports that the “The Iowa Association of Business and Industry” lobbied in support of this bill.  ABI President Mike Ralston shared this with Executorium regarding the new Iowa inheritance tax legislation,

“All Iowans benefit from the phase-out of the state’s inheritance tax.  Taxes have already been paid on these assets as the estate was grown over the years.  By eliminating the inheritance tax, more money can be invested in businesses and farms and go to support Iowa families.”