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, as well as for transfers resulting from the acquisition of lands for public purposes through 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 other than shares or debt securities. It also exempts deeds transferring trust assets to beneficiaries without consideration. These changes aim to streamline the process for certain real estate transactions and reduce the administrative burden on parties involved.

Statutes affected:
Introduced: 428A.1