Text: HSB00785 Text: HSB00787 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 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 offiveseven thousand dollars for a person, 1 16 other than a husband or wife, who files a separate state 1 17 income tax return and up to a maximum oftenfourteen thousand 1 18 dollars for a husband and wife who file a joint state income 1 19 tax return. However, a surviving spouse who is not disabled 1 20 or fifty-five years of age or older can only exclude the 1 21 amount of pension or retirement pay received as a result of 1 22 the death of the other spouse. A husband and wife filing 1 23 separate state income tax returns or separately on a combined 1 24 state return are allowed a combined maximum exclusion under 1 25 this subsection of up totenfourteen thousand dollars. The 1 26tenfourteen thousand dollar exclusion shall be allocated to 1 27 the husband or wife in the proportion that each spouse's 1 28 respective pension and retirement pay received bears to total 1 29 combined pension and retirement pay received. 1 30 Sec. 2. APPLICABILITY DATE. This Act applies to tax years 1 31 beginning on or after January 1, 2001. 1 32 EXPLANATION 1 33 This bill increases the pension or retirement income 1 34 deduction for single and married taxpayers. The deduction for 1 35 taxpayers filing a separate return is increased from $5,000 to 2 1 $7,000. The deduction for married taxpayers filing a joint 2 2 return or filing separately is increased from $10,000 to 2 3 $14,000. 2 4 The bill applies to tax years beginning on or after January 2 5 1, 2001. 2 6 LSB 7153HC 78 2 7 sc/cf/24
Text: HSB00785 Text: HSB00787 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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