Text: HF00005 Text: HF00007 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, subsection 13, Code 1999, is
1 2 amended to read as follows:
1 3 13. Subtract, to the extent included, the amount of
1 4 additional social security benefits taxable under the Internal
1 5 Revenue Code for tax years beginning on or after January 1,
1 6 1994, but before January 1, 1999. The amount of social
1 7 security benefits taxable as provided in section 86 of the
1 8 Internal Revenue Code, as amended up to and including January
1 9 1, 1993, continues to apply for state income tax purposes for
1 10 tax years beginning on or after January 1, 1994, but before
1 11 January 1, 1999. Married taxpayers, who file a joint federal
1 12 income tax return and who elect to file separate returns or
1 13 who elect separate filing on a combined return for state
1 14 income tax purposes, shall allocate between the spouses the
1 15 amount of benefits subtracted from net income in the ratio of
1 16 the social security benefits received by each spouse to the
1 17 total of these benefits received by both spouses.
1 18 Subtract, to the extent included, the amount of social
1 19 security benefits taxable under the Internal Revenue Code for
1 20 tax years beginning on or after January 1, 1999.
1 21 Sec. 2. This Act applies retroactively to January 1, 1999,
1 22 for tax years beginning on or after that date.
1 23 EXPLANATION
1 24 The bill exempts from the state individual income tax all
1 25 social security benefits received by the taxpayer. The bill
1 26 applies retroactively to January 1, 1999, for tax years
1 27 beginning on or after that date.
1 28 LSB 1340YH 78
1 29 mg/cf/24
Text: HF00005 Text: HF00007 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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