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Text: HF00135                           Text: HF00137
Text: HF00100 - HF00199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 136

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.7, Code 1995, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  32.  For a person who is disabled, or is
  1  4 fifty-five years of age or older, or is the surviving spouse
  1  5 of an individual or a survivor having an insurable interest in
  1  6 an individual who would have qualified for the exemption under
  1  7 this subsection for the tax year, subtract, to the extent
  1  8 included, the total amount of a governmental or other pension,
  1  9 retirement pay, annuity, or other similar periodic payment
  1 10 made under a plan maintained or contributed to by an employer,
  1 11 or maintained or contributed to by a self-employed person as
  1 12 an employer, up to a maximum of seven thousand five hundred
  1 13 dollars for a person who files a separate state income tax
  1 14 return, and up to a maximum of fifteen thousand dollars for a
  1 15 husband and wife who file a joint state income tax return.
  1 16 However, a surviving spouse who is not disabled or fifty-five
  1 17 years of age or older can only exclude the amount of annuities
  1 18 or other similar periodic payments received as a result of the
  1 19 death of the other spouse.
  1 20    Sec. 2.  APPLICABILITY.  This Act applies retroactively to
  1 21 January 1, 1995, for tax years beginning on or after that
  1 22 date.  
  1 23                           EXPLANATION
  1 24    This bill allows certain persons to deduct all types of
  1 25 pension income in computing income for state individual income
  1 26 tax purposes.  The bill allows a deduction of pension income
  1 27 of up to a maximum of $7,500 for a person who files a separate
  1 28 return and $15,000 for a husband and wife who file a joint
  1 29 return.
  1 30    The bill applies retroactively to January 1, 1995, for tax
  1 31 years beginning on or after that date.  
  1 32 LSB 1746HH 76
  1 33 sc/sc/14
     

Text: HF00135                           Text: HF00137
Text: HF00100 - HF00199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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