The bill amends Section 428A.1 of the Iowa Code regarding the real estate transfer tax and the requirement for a declaration of value when real property is conveyed. It specifies that a declaration of value must be submitted to the county recorder when a deed, instrument, or writing is presented for recording. However, the bill clarifies that a declaration of value is not required for certain instruments, including those described in section 428A.2, subsections 2 through 5, and 7 through 22, with specific exceptions for federal agencies or transfers resulting from eminent domain.

Additionally, the bill expands the exemptions for the declaration of value requirement to include instruments related to corporate mergers, consolidations, or reorganizations, as well as deeds between family entities and their stakeholders when no actual consideration is exchanged, and deeds transferring trust assets to beneficiaries without consideration. This change aims to streamline the process for specific transactions and reduce the administrative burden associated with the declaration of value for these types of transfers.

Statutes affected:
Introduced: 428A.1