Text: SF00001 Text: SF00003 Text: SF00000 - SF00099 Text: SF 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 offiveten 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 oftentwenty 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 thousand dollars. The ten thousand dollar exclusion 1 26 shall be allocated to the husband or wife in the proportion 1 27 that each spouse's respective pension and retirement pay 1 28 received bears to total combined pension and retirement pay 1 29 received. 1 30 Sec. 2. This Act applies retroactively to January 1, 1999, 1 31 for tax years beginning on or after that date. 1 32 EXPLANATION 1 33 This bill increases the state individual income tax 1 34 exemption for pension or retirement income from $5,000 for 1 35 individual filers and from $10,000 for joint return filers to 2 1 $10,000 and $20,000, respectively. 2 2 The bill applies retroactively to January 1, 1999, for tax 2 3 years beginning on or after that date. 2 4 LSB 1094XS 78 2 5 sc/sc/14
Text: SF00001 Text: SF00003 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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