House inheritance tax phaseout differs from 'aggressive' Senate plan [View all]

A panel of Iowa House lawmakers moved a bill Monday that would eliminate Iowa’s inheritance tax by 2024.

House File 841 passed out of subcommittee Monday afternoon. The bill would gradually raise the size of an estate exempted from the tax: the $25,000 maximum would become $300,000 this year, then would increase to $600,000 and $1 million. The inheritance tax would be completely repealed on July 1, 2024.

Rep. Dave Jacoby, D-Coralville, proposed accelerating the process even further by immediately repealing the inheritance tax.

“I think the budget can absorb it,” he said. “Why don’t we just go ahead and eliminate this inheritance tax starting this calendar year?”

Read more: https://iowacapitaldispatch.com/2021/03/29/house-inheritance-tax-phaseout-differs-from-aggressive-senate-plan/