Text: SF00150 Text: SF00152 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.9, subsection 1, Code 1997, is
1 2 amended to read as follows:
1 3 1. An optional standard deduction, after deduction of
1 4 federal income tax, social security tax, and railroad
1 5 retirement tax, equal to one thousand two hundred thirty
1 6 dollars for a married person who files separately or a single
1 7 person or equal to three thousand thirty dollars for a husband
1 8 and wife who file a joint return, a surviving spouse, or an
1 9 unmarried head of household. The optional standard deduction
1 10 shall not exceed the amount remaining after deduction of the
1 11 federal income tax, social security tax, and railroad
1 12 retirement tax.
1 13 For purposes of this section, "social security tax" means
1 14 the amount of tax paid by the taxpayer for the tax year for
1 15 old-age, survivors, and disability insurance under the Federal
1 16 Insurance Contributions Act and "railroad retirement tax"
1 17 means the amount of tier I tax paid by the taxpayer for the
1 18 tax year for old-age, survivors, and disability insurance
1 19 under the federal Railroad Retirement Tax Act.
1 20 Sec. 2. Section 422.9, subsection 2, Code 1997, is amended
1 21 by adding the following new paragraph:
1 22 NEW PARAGRAPH. f. Add the amount of social security tax
1 23 and railroad retirement tax paid by the taxpayer for the tax
1 24 year.
1 25 Sec. 3. This Act applies retroactively to January 1, 1997,
1 26 for tax years beginning on or after that date.
1 27 EXPLANATION
1 28 The bill allows the deduction under the individual income
1 29 tax for social security (FICA) and railroad retirement taxes
1 30 paid for old-age, survivors, and disability insurance by the
1 31 taxpayer during the tax year. The deduction would be made
1 32 whether the taxpayer takes the standard deduction or itemizes
1 33 deductions.
1 34 The bill applies retroactively to January 1, 1997, for tax
1 35 years beginning on or after that date.
2 1 LSB 1578SS 77
2 2 mg/sc/14
Text: SF00150 Text: SF00152 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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