Iowa General Assembly Banner

 
Text: SF00460                           Text: SF00462
Text: SF00400 - SF00499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

Senate File 461

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.12, subsection 1, Code 1995, is
  1  2 amended to read as follows:
  1  3    1.  A personal exemption credit in the following amounts:
  1  4    a.  For an estate or trust, a single individual, or a
  1  5 married person filing a separate return, twenty forty dollars.
  1  6    b.  For a head of household, or a husband and wife filing a
  1  7 joint return, forty eighty dollars.
  1  8    c.  For each dependent, an additional fifteen thirty
  1  9 dollars.  As used in this section, the term "dependent" has
  1 10 the same meaning as provided by the Internal Revenue Code.
  1 11    d.  For a single individual, husband, wife, or head of
  1 12 household, an additional exemption of twenty forty dollars for
  1 13 each of said the individuals who has attained the age of
  1 14 sixty-five years before the close of the tax year or on the
  1 15 first day following the end of the tax year.
  1 16    e.  For a single individual, husband, wife, or head of
  1 17 household, an additional exemption of twenty forty dollars for
  1 18 each of said the individuals who is blind at the close of the
  1 19 tax year.  For the purposes of this paragraph, an individual
  1 20 is blind only if the individual's central visual acuity does
  1 21 not exceed twenty-two hundredths in the better eye with
  1 22 correcting lenses, or if the individual's visual acuity is
  1 23 greater than twenty-two hundredths but is accompanied by a
  1 24 limitation in the fields of vision such that the widest
  1 25 diameter of the visual field subtends an angle no greater than
  1 26 twenty degrees.
  1 27    Sec. 2.  This Act, being deemed of immediate importance,
  1 28 takes effect upon enactment and applies retroactively to
  1 29 January 1, 1995, for tax years beginning on or after that
  1 30 date.  
  1 31                           EXPLANATION
  1 32    The bill doubles the amount of the personal exemption
  1 33 credits allowed for the state individual income tax.  Thus,
  1 34 the bill makes the credit for estates, trusts, single
  1 35 individuals, and married persons filing a separate return $40.
  2  1 An additional credit of $40 is also provided if one is 65
  2  2 years of age or is blind.  Married persons filing joint
  2  3 returns and heads of households will get $80 in credit.  The
  2  4 credit for dependents increases to $30 per dependent.
  2  5    The bill is effective upon enactment and applies
  2  6 retroactively to January 1, 1995, for tax years beginning on
  2  7 or after that date.  
  2  8 LSB 1795SS 76
  2  9 mg/sc/14
     
Text: SF00460                           Text: SF00462
Text: SF00400 - SF00499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index
Return To Home Iowa General Assembly

index 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/00400/SF00461/950323.html
jhf