Text: SF02165 Text: SF02167 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.7, subsection 34, Code Supplement 1 2 1997, is 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 ofthreenine thousand dollars for a person who 1 16 files a separate state income tax return for tax years 1 17 beginning in the 1998 calendar year and the 1999 calendar year 1 18 and up to a maximum ofsixeighteen thousand dollars for a 1 19 husband and wife who file a joint state income tax return for 1 20 tax years beginning in the 1998 calendar year and the 1999 1 21 calendar year. For tax years beginning on or after January 1, 1 22 2000, for a person who files a separate state income tax 1 23 return or for a husband and wife who file a joint state income 1 24 tax return, subtract, to the extent included, the total amount 1 25 of governmental or other pension or retirement pay, including, 1 26 but not limited to, defined benefit or defined contribution 1 27 plans, annuities, individual retirement accounts, plans 1 28 maintained or contributed to by an employer, or maintained or 1 29 contributed to by a self-employed person as an employer, and 1 30 deferred compensation plans or any earnings attributable to 1 31 the deferred compensation plans. However, a surviving spouse 1 32 who is not disabled or fifty-five years of age or older can 1 33 only exclude the amount of pension or retirement pay received 1 34 as a result of the death of the other spouse. 1 35 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies 2 1 retroactively to January 1, 1998, for tax years beginning on 2 2 or after that date. 2 3 EXPLANATION 2 4 This bill increases the exemption for retirement income in 2 5 computing income for tax purposes. For tax years beginning in 2 6 the 1998 and 1999 calendar years, the bill allows a deduction 2 7 of retirement income of up to a maximum of $9,000 for a person 2 8 who files a separate return and $18,000 for a husband and wife 2 9 who file a joint return. For tax years beginning on or after 2 10 January 1, 2000, the total amount of retirement income may be 2 11 deducted for a person who files a separate return or for a 2 12 husband and wife who file a joint return. 2 13 The bill applies retroactively to tax years beginning on or 2 14 after January 1, 1998. 2 15 LSB 3992XS 77 2 16 sc/jl/8
Text: SF02165 Text: SF02167 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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