Text: SF02169 Text: SF02171 Text: SF02100 - SF02199 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 offivesix 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 oftentwelve 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 totentwelve thousand dollars. Thetentwelve 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 30 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act, 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 5612XS 78 2 7 mg/cf/24
Text: SF02169 Text: SF02171 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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