Text: HF02187                           Text: HF02189
Text: HF02100 - HF02199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 2188

Partial Bill History

Bill Text

  1  1    Section 1.  Section 422.7, subsection 31, Code 1999, is
  1  2 amended to read as follows:
  1  3    31.  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 five six thousand dollars for a person, other
  1 16 than a husband or wife, who files a separate state income tax
  1 17 return and up to a maximum of ten twelve thousand dollars for
  1 18 a husband and wife who file a joint state income tax return.
  1 19 However, a surviving spouse who is not disabled or fifty-five
  1 20 years of age or older can only exclude the amount of pension
  1 21 or retirement pay received as a result of the death of the
  1 22 other spouse.  A husband and wife filing separate state income
  1 23 tax returns or separately on a combined state return are
  1 24 allowed a combined maximum exclusion under this subsection of
  1 25 up to ten twelve thousand dollars.  The ten twelve thousand
  1 26 dollar exclusion shall be allocated to the husband or wife in
  1 27 the proportion that each spouse's respective pension and
  1 28 retirement pay received bears to total combined pension and
  1 29 retirement pay received.
  1 31 being deemed of immediate importance, takes effect upon
  1 32 enactment and applies retroactively to January 1, 2000, for
  1 33 tax years beginning on or after that date.  
  1 34                           EXPLANATION
  1 35    This bill increases the pension and retirement income
  2  1 deduction from $5,000 for single filers and $10,000 for
  2  2 married persons to $6,000 and $12,000 respectively.  The bill
  2  3 is retroactively applicable to January 1, 2000, for tax years
  2  4 beginning on or after that date.
  2  5    The bill takes effect upon enactment.  
  2  6 LSB 5612YH 78
  2  7 mg/cf/24

Text: HF02187                           Text: HF02189
Text: HF02100 - HF02199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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