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Senate File 9

Partial Bill History

Bill Text

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 three thousand dollars for a person who files
  1 16 a separate state income tax return and up to a maximum of six
  1 17 thousand dollars for a husband and wife who file a joint state
  1 18 income 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
     

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