This law clarifies that the person entitled to receive the vehicle is the appropriate individual to complete the statement and is considered an agent of the deceased. Prior to this law, it was unclear who was authorized to complete this statement when the owner was dead, and no personal representative was appointed because no probate case was opened. HF 583 – Decedent Vehicle Transfer When No Probate Administration Clarified.įederal law requires that there is an odometer disclosure statement completed when a vehicle is transferred. Effective Applicability date for COVID protocols –. The law also ensured that wills and codicils dated between April 2, 2020, and February 15, 2022, that were executed through remote signing are valid as long as procedure followed the protocols found within the Governor’s proclamation of disaster emergency dated March 22, 2020. Further, notaries using remote notarization will need to inform the Iowa Secretary of State and abide by any technology requirements imposed. This law clarifies that remote technology, such as Zoom or Microsoft Teams, can allow a witness to be in the testator’s presence when the technology allows the witness to see and hear the testator in real time. Prior to this law, the witnesses needed to be physically near the testator to observe the signing of the will. Iowa law requires that two witnesses observe the signing of a will. Estate Planning HF 397 – Remote Notarization and Witness Signing of Wills and Codicils Allowed. If the exemption is granted, the exemption will be allowed for future years without future filing as long as the claimant continues to qualify. Applications are due July 1 to the local assessor. The Iowa Department of Revenue has amended the Homestead Tax Credit Exemption (54-028) form to allow claimants to apply for the new exemption. An exemption is a reduction in the taxable value of the property rather than a direct reduction in the amount of property tax you pay. The military service property tax exemption will increase from $1,852 to $4,000, starting with the assessment year beginning on Jan. In subsequent years, the exemption doubles to $6,500. In order to combat the rise in property tax assessment values that many homeowners saw this year, Iowans aged 65+ are eligible for a property tax exemption worth $3,250 for the assessment year beginning Jan. HF 718 – Property Tax Exemption for Homestead Amount Increased if Owner 65+ or Veteran. This approach was blessed by IRS Notice 2020-75. The law also creates a corresponding state tax credit that compensates the owners for the tax paid. This means that the federal business income passed through to the owners is reduced by the amount of Iowa tax paid. The state tax is calculated and paid at the entity level, which creates a federal deduction, not limited by the SALT deduction limit. Under this new provision, partnerships and S corporations can elect to be taxed at the entity level in Iowa. This option is a workaround for the $10,000 state and local tax (SALT) deduction limit implemented by the Tax Cuts and Jobs Act of 2017 (set to expire in 2026). Other bills are pending around the country. With this new law, Iowa joins the ranks of at least 32 other states with an optional entity-level tax on pass through income. Tax HF 352 – A Voluntary Pass-Through Entity Income Tax (PTE tax) to Get Around SALT Deduction Limit.
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