Text: HF00031 Text: HF00033 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.7, subsection 34, Code 1997, is 1 2 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 ofthreesix thousand dollars for a person who 1 16 files a separate state income tax return for a tax year 1 17 beginning in the 1997 calendar year, and up to a maximum of 1 18sixtwelve thousand dollars for a husband and wife who file a 1 19 joint state income tax return for a tax year beginning in the 1 20 1997 calendar year. For tax years beginning on or after 1 21 January 1, 1998, for a person who files a separate state 1 22 income tax return or for a husband and wife who file a joint 1 23 state income tax return, subtract, to the extent included, the 1 24 total amount of a governmental or other pension or retirement 1 25 pay, including, but not limited to, defined benefit or defined 1 26 contribution plans, annuities, individual retirement accounts, 1 27 plans maintained or contributed to by an employer, or 1 28 maintained or contributed to by a self-employed person as an 1 29 employer, and deferred compensation plans or any earnings 1 30 attributable to the deferred compensation plans. However, a 1 31 surviving spouse who is not disabled or fifty-five years of 1 32 age or older can only exclude the amount of pension or 1 33 retirement pay received as a result of the death of the other 1 34 spouse. 1 35 Sec. 2. APPLICABILITY. This Act applies retroactively to 2 1 January 1, 1997, for tax years beginning on or after that 2 2 date. 2 3 EXPLANATION 2 4 This bill allows certain persons to deduct all types of 2 5 pension income in computing income for tax purposes. For a 2 6 tax year beginning in the 1997 calendar year, the bill allows 2 7 a deduction of pension income of up to a maximum of $6,000 for 2 8 a person who files a separate return and $12,000 for a husband 2 9 and wife who file a joint return. For tax years beginning on 2 10 or after January 1, 1998, the total amount of pension income 2 11 may be deducted for a person who files a separate return or 2 12 for a husband and wife who file a joint return. 2 13 This exemption for pension income applies retroactively to 2 14 tax years beginning on or after January 1, 1997. 2 15 LSB 1165HH 77 2 16 sc/sc/14
Text: HF00031 Text: HF00033 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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