Text: SF00008 Text: SF00010 Text: SF00000 - SF00099 Text: SF 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, up1 15to a maximum of three thousand dollars for a person who files1 16a separate state income tax return and up to a maximum of six1 17thousand dollars for a husband and wife who file a joint state1 18income tax return. However, a surviving spouse who is not 1 19 disabled or fifty-five years of age or older can only exclude 1 20 the amount of pension or retirement pay received as a result 1 21 of the death of the other spouse. 1 22 Sec. 2. APPLICABILITY. This Act applies retroactively to 1 23 January 1, 1997, for tax years beginning on or after that 1 24 date. 1 25 EXPLANATION 1 26 This bill allows certain persons to deduct the total amount 1 27 of all types of pension income in computing income for state 1 28 individual income tax purposes. Current law allows a 1 29 deduction of pension income of up to a maximum of $3,000 for a 1 30 person who files a separate return and $6,000 for a husband 1 31 and wife who file a joint return. 1 32 The bill applies retroactively to January 1, 1997, for tax 1 33 years beginning on or after that date. 1 34 LSB 1162SS 77 1 35 sc/sc/14
Text: SF00008 Text: SF00010 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 1997 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Fri Jan 23 03:40:08 CST 1998
URL: /DOCS/GA/77GA/Legislation/SF/00000/SF00009/970108.html
jhf