Text: SSB01209 Text: SSB01211 Text: SSB01200 - SSB01299 Text: SSB 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. Section 422.12, subsection 1, paragraphs a, b, and 1 31 c, Code 1999, are amended to read as follows: 1 32 a. For an estate or trust, a single individual, or a 1 33 married person filing a separate return,fortyseventy 1 34 dollars. 1 35 b. For a head of household, or a husband and wife filing a 2 1 joint return,eightyone hundred forty dollars. 2 2 c. For each dependent, an additionalfortyseventy 2 3 dollars. As used in this section, the term "dependent" has 2 4 the same meaning as provided by the Internal Revenue Code. 2 5 Sec. 3. APPLICABILITY DATE. This Act applies 2 6 retroactively to January 1, 1999, for tax years beginning on 2 7 or after that date. 2 8 EXPLANATION 2 9 The bill increases the pension income deduction from $5,000 2 10 for single filers and $10,000 for joint filers to $6,000 and 2 11 $12,000, respectively, and the personal and dependent credits 2 12 from $40 to $70 under the individual income tax. 2 13 The bill applies retroactively to January 1, 1999, for tax 2 14 years beginning on or after that date. 2 15 LSB 2412XC 78 2 16 mg/jw/5
Text: SSB01209 Text: SSB01211 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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