Text: HF00698 Text: HF00700 Text: HF00600 - HF00699 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 of the greater of fifty percent of such income
1 16 received for the tax year or three thousand dollars for a
1 17 person who files a separate state income tax return and up to
1 18 a maximum of the greater of fifty percent of such income
1 19 received for the tax year or six thousand dollars for a
1 20 husband and wife who file a joint state income tax return.
1 21 However, a surviving spouse who is not disabled or fifty-five
1 22 years of age or older can only exclude the amount of pension
1 23 or retirement pay received as a result of the death of the
1 24 other spouse.
1 25 Sec. 2. APPLICABILITY. This Act applies retroactively to
1 26 January 1, 1997, for tax years beginning on or after that
1 27 date.
1 28 EXPLANATION
1 29 This bill allows certain persons to deduct a specified
1 30 amount of pension income in computing income for state
1 31 individual income tax purposes. The bill provides that a
1 32 person filing a separate tax return may deduct the greater of
1 33 $3,000 or 50 percent of pension income received for the year
1 34 and a husband and wife who file a joint tax return may deduct
1 35 the greater of $6,000 or 50 percent of pension income received
2 1 for the year.
2 2 The bill applies retroactively to tax years beginning on or
2 3 after January 1, 1997.
2 4 LSB 2640HH 77
2 5 sc/cf/24.1
Text: HF00698 Text: HF00700 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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