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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 five thousand dollars for a
1 13 person who files a separate state income tax return, and up to
1 14 a maximum of ten 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 individual income
1 26 tax purposes. The bill allows a deduction of pension income
1 27 of up to a maximum of $5,000 for a person who files a separate
1 28 return and $10,000 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 2264SS 76
1 33 sc/sc/14
Text: SF00299 Text: SF00301 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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