Text: SSB01209                          Text: SSB01211
Text: SSB01200 - SSB01299               Text: SSB Index
Bills and Amendments: General Index     Bill History: General Index

Senate Study Bill 1210

Bill Text

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 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 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, forty seventy
  1 34 dollars.
  1 35    b.  For a head of household, or a husband and wife filing a
  2  1 joint return, eighty one hundred forty dollars.
  2  2    c.  For each dependent, an additional forty seventy
  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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