§ 450B.3 — Additional inheritance tax applicable

Iowa § 450B.3

• Jurisdiction: Iowa
• Title X: FINANCIAL RESOURCES
• Ch. 450B: QUALIFIED USE INHERITANCE TAX

Text

There is imposed upon the qualified heir an additional inheritance tax if, within ten years
after the decedent’s death and before the death of the qualified heir, the qualified heir
disposes of, other than to a member of the family, any interest in qualified real property for
which an election under section 450B.2 was made or ceases to use for the qualified use the
qualified real property for which an election under section 450B.2 was made as prescribed
in section 2032A(c) of the Internal Revenue Code. The additional inheritance tax shall be
the amount computed under section 450B.5 and shall be due six months after the date of
the disposition or cessation of qualified use referred to in this section. The amount of the
additional inheritance tax shall accrue interest at the rate of ten percent per year from nine
months after the decedent’s death to the due date of the tax. The tax shall be paid to the
department of revenue and shall be deposited into the general fund of the state. Taxes not
paid within the time prescribed in this section shall draw interest at the rate of ten percent
per annum until paid. There shall not be an additional inheritance tax if the disposition or
cessation occurs ten years or more after the decedent’s death.
[81 Acts, ch 147, §14, 15; 82 Acts, ch 1023, §26, 27, 34]