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Text: HF02225                           Text: HF02227
Text: HF02200 - HF02299                 Text: HF Index
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House File 2226

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.7, subsection 34, Code Supplement
  1  2 1995, is amended to read as follows:
  1  3    34.  For a person who is disabled, or is fifty-five years
  1  4 of age or older, or is the surviving spouse of an individual
  1  5 or a survivor having an insurable interest in an individual
  1  6 who would have qualified for the exemption under this
  1  7 subsection for the tax year, subtract, to the extent included,
  1  8 the total amount of a governmental or other pension or
  1  9 retirement pay, including, but not limited to, defined benefit
  1 10 or defined contribution plans, annuities, individual
  1 11 retirement accounts, plans maintained or contributed to by an
  1 12 employer, or maintained or contributed to by a self-employed
  1 13 person as an employer, and deferred compensation plans or any
  1 14 earnings attributable to the deferred compensation plans, up
  1 15 to a maximum of three six thousand dollars for a person who
  1 16 files a separate state income tax return and up to a maximum
  1 17 of six twelve thousand dollars for a husband and wife who file
  1 18 a joint state income tax return.  However, a surviving spouse
  1 19 who is not disabled or fifty-five years of age or older can
  1 20 only exclude the amount of pension or retirement pay received
  1 21 as a result of the death of the other spouse.
  1 22    Sec. 2.  This Act applies retroactively to January 1, 1996,
  1 23 for tax years beginning on or after that date.  
  1 24                           EXPLANATION
  1 25    This bill increases the state individual income tax
  1 26 exemption for retirement income from $3,000 for individual
  1 27 filers and from $6,000 for joint return filers to $6,000 and
  1 28 $12,000, respectively.
  1 29    The bill applies retroactively to January 1, 1996, for tax
  1 30 years beginning on or after that date.  
  1 31 LSB 3604HH 76
  1 32 sc/jj/8
     
Text: HF02225                           Text: HF02227
Text: HF02200 - HF02299                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
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