Text: HF00218 Text: HF00220 Text: HF00200 - HF00299 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 ofthreetwelve thousand dollars for a person who 1 16 files a separate state income tax return and up to a maximum 1 17 ofsixtwenty-four thousand dollars for a husband and wife who 1 18 file a joint state income tax return. However, a surviving 1 19 spouse who is not disabled or fifty-five years of age or older 1 20 can only exclude the amount of pension or retirement pay 1 21 received as a result of the death of the other spouse. 1 22 Sec. 2. This Act applies retroactively to January 1, 1997, 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 $12,000 and 1 28 $24,000, respectively. 1 29 The bill applies retroactively to January 1, 1997, for tax 1 30 years beginning on or after that date. 1 31 LSB 1943HH 77 1 32 sc/jj/8
Text: HF00218 Text: HF00220 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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