Text: SF00120 Text: SF00122 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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 three thousand dollars for a
1 13 person who files a separate state income tax return, and up to
1 14 a maximum of six thousand dollars for a husband and wife who
1 15 file a joint state income tax return. However, a surviving
1 16 spouse who is not disabled or fifty-five years of age or older
1 17 can only exclude the amount of annuities or other similar
1 18 periodic payments received as a result of the death of the
1 19 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 income tax
1 26 purposes. The bill allows a deduction of pension income of up
1 27 to a maximum of $3,000 for a person who files a separate
1 28 return and $6,000 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 1728SS 76
1 33 sc/sc/14
Text: SF00120 Text: SF00122 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
Search: Senate Bills and Amendments (76th General Assembly)
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Mon Mar 4 09:39:45 CST 1996
URL: /DOCS/GA/76GA/Legislation/SF/00100/SF00121/950209.html
jhf