Text: H01021 Text: H01023 Text: H01000 - H01099 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 2 as follows: 1 2 #1. Page 1, by striking lines 2 through 29 and 1 3 inserting the following: "amended by striking the 1 4 subsection and inserting in lieu thereof the 1 5 following: 1 6 13. a. For a person who is disabled, or is fifty- 1 7 five years of age or older, or is the surviving spouse 1 8 of an individual or a survivor having an insurable 1 9 interest in an individual who would have qualified for 1 10 the exemption under this paragraph for the tax year, 1 11 subtract, to the extent included, the total amount of 1 12 a governmental or other pension or retirement pay, 1 13 including, but not limited to, defined benefit or 1 14 defined contribution plans, annuities, individual 1 15 retirement accounts, plans maintained or contributed 1 16 to by an employer, or maintained or contributed to by 1 17 a self-employed person as an employer, and deferred 1 18 compensation plans or any earnings attributable to the 1 19 deferred compensation plans, up to a maximum of eight 1 20 thousand five hundred dollars for tax years beginning 1 21 in the 2001 calendar year, twelve thousand dollars for 1 22 tax years beginning in the 2002 calendar year, and the 1 23 total amount of pension included for tax years 1 24 beginning on or after January 1, 2003, for a person, 1 25 other than a husband or wife, who files a separate 1 26 state income tax return and up to a maximum of 1 27 seventeen thousand dollars for tax years beginning in 1 28 the 2001 calendar year, twenty-four thousand dollars 1 29 for tax years beginning in the 2002 calendar year, and 1 30 the total amount of pension included for tax years 1 31 beginning on or after January 1, 2003, for a husband 1 32 and wife who file a joint state income tax return. 1 33 However, a surviving spouse who is not disabled or 1 34 fifty-five years of age or older can only exclude the 1 35 amount of pension or retirement pay received as a 1 36 result of the death of the other spouse. A husband 1 37 and wife filing separate state income tax returns or 1 38 separately on a combined state return are allowed a 1 39 combined maximum exclusion under this paragraph of up 1 40 to seventeen thousand dollars for tax years beginning 1 41 in the 2001 calendar year, and twenty-four thousand 1 42 dollars for tax years beginning in the 2002 calendar 1 43 year. The seventeen thousand dollar or twenty-four 1 44 thousand dollar exclusion, as applicable, shall be 1 45 allocated to the husband or wife in the proportion 1 46 that each spouse's respective pension and retirement 1 47 pay received bears to total combined pension and 1 48 retirement pay received. 1 49 b. Subtract, to the extent included, the amount of 1 50 additional social security benefits taxable under the 2 1 Internal Revenue Code for tax years beginning on or 2 2 after January 1, 1994, but before January 1, 2006. 2 3 The amount of social security benefits taxable as 2 4 provided in section 86 of the Internal Revenue Code, 2 5 as amended up to and including January 1, 1993, 2 6 continues to apply for state income tax purposes for 2 7 tax years beginning on or after January 1, 1994, but 2 8 before January 1, 2006. 2 9 c. Subtract, to the extent included after the 2 10 subtraction in paragraph "b", the following: 2 11 (1) For tax years beginning in the 2004 calendar 2 12 year, one-third of taxable social security benefits 2 13 received. 2 14 (2) For tax years beginning in the 2005 calendar 2 15 year, two-thirds of taxable social security benefits 2 16 received. 2 17 d. Married taxpayers, who file a joint federal 2 18 income tax return and who elect to file separate 2 19 returns or who elect separate filing on a combined 2 20 return for state income tax purposes, shall allocate 2 21 between the spouses the amount of benefits subtracted 2 22 under paragraphs "b" and "c" from net income in the 2 23 ratio of the social security benefits received by each 2 24 spouse to the total of these benefits received by both 2 25 spouses. 2 26 e. Subtract, to the extent included, the amount of 2 27 social security benefits taxable under section 86 of 2 28 the Internal Revenue Code for tax years beginning on 2 29 or after January 1, 2006. 2 30 Sec. . Section 422.7, subsection 31, Code 2001, 2 31 is amended by striking the subsection." 2 32 #2. Title page, line 1, by striking the words 2 33 "social security" and inserting the following: 2 34 "pension". 2 35 2 36 2 37 2 38 MILLAGE of Scott 2 39 HF 2.303 79 2 40 mg/cf
Text: H01021 Text: H01023 Text: H01000 - H01099 Text: H Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Jan 25 03:35:08 CST 2001
URL: /DOCS/GA/79GA/Legislation/H/01000/H01022/010124.html
jhf