Text: HF00743 Text: HF00745 Text: HF00700 - HF00799 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 HOUSE FILE 744 1 2 1 3 AN ACT 1 4 RELATING TO REDUCTIONS IN THE STATE INDIVIDUAL INCOME TAX BY 1 5 INCREASING THE DEDUCTION FOR PENSION INCOME AND INCREASING 1 6 THE PERSONAL AND DEPENDENT CREDITS, AND INCLUDING A RETRO- 1 7 ACTIVE APPLICABILITY DATE PROVISION. 1 8 1 9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 10 1 11 Section 1. Section 422.7, subsection 31, Code 1999, is 1 12 amended to read as follows: 1 13 31. For a person who is disabled, or is fifty-five years 1 14 of age or older, or is the surviving spouse of an individual 1 15 or a survivor having an insurable interest in an individual 1 16 who would have qualified for the exemption under this 1 17 subsection for the tax year, subtract, to the extent included, 1 18 the total amount of a governmental or other pension or 1 19 retirement pay, including, but not limited to, defined benefit 1 20 or defined contribution plans, annuities, individual 1 21 retirement accounts, plans maintained or contributed to by an 1 22 employer, or maintained or contributed to by a self-employed 1 23 person as an employer, and deferred compensation plans or any 1 24 earnings attributable to the deferred compensation plans, up 1 25 to a maximum offivesix thousand dollars for a person, other 1 26 than a husband or wife, who files a separate state income tax 1 27 return and up to a maximum oftentwelve thousand dollars for 1 28 a husband and wife who file a joint state income tax return. 1 29 However, a surviving spouse who is not disabled or fifty-five 1 30 years of age or older can only exclude the amount of pension 1 31 or retirement pay received as a result of the death of the 1 32 other spouse. A husband and wife filing separate state income 1 33 tax returns or separately on a combined state return are 1 34 allowed a combined maximum exclusion under this subsection of 1 35 up totentwelve thousand dollars. Thetentwelve thousand 2 1 dollar exclusion shall be allocated to the husband or wife in 2 2 the proportion that each spouse's respective pension and 2 3 retirement pay received bears to total combined pension and 2 4 retirement pay received. 2 5 Sec. 2. Section 422.12, subsection 1, paragraphs a, b, and 2 6 c, Code 1999, are amended to read as follows: 2 7 a. For an estate or trust, a single individual, or a 2 8 married person filing a separate return,fortyseventy 2 9 dollars. 2 10 b. For a head of household, or a husband and wife filing a 2 11 joint return,eightyone hundred forty dollars. 2 12 c. For each dependent, an additionalfortyseventy 2 13 dollars. As used in this section, the term "dependent" has 2 14 the same meaning as provided by the Internal Revenue Code. 2 15 Sec. 3. APPLICABILITY DATE. This Act applies 2 16 retroactively to January 1, 1999, for tax years beginning on 2 17 or after that date. 2 18 2 19 2 20 2 21 BRENT SIEGRIST 2 22 Speaker of the House 2 23 2 24 2 25 2 26 MARY E. KRAMER 2 27 President of the Senate 2 28 2 29 I hereby certify that this bill originated in the House and 2 30 is known as House File 744, Seventy-eighth General Assembly. 2 31 2 32 2 33 2 34 ELIZABETH ISAACSON 2 35 Chief Clerk of the House 3 1 Approved , 1999 3 2 3 3 3 4 3 5 THOMAS J. VILSACK 3 6 Governor
Text: HF00743 Text: HF00745 Text: HF00700 - HF00799 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 1999 Cornell College and League of Women Voters of Iowa
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