Text: H08452                            Text: H08454
Text: H08400 - H08499                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

House Amendment 8453

Amendment Text

PAG LIN
  1  1    Amend the amendment, H-8422, to Senate File 2228,
  1  2 as passed by the Senate, as follows:
  1  3    #1.  Page 1, line 14, by inserting after the word
  1  4 "fund" the following:  "shall be transferred as
  1  5 provided in subsection 3A and after such transfer the
  1  6 remaining moneys".
  1  7    #2.  Page 3, by inserting after line 48 the
  1  8 following:
  1  9    "3A.  There shall be transferred from the moneys
  1 10 credited in a fiscal year to the school district sales
  1 11 tax fund to the general fund of the state the amount,
  1 12 as estimated by the legislative fiscal bureau, of lost
  1 13 revenue to the general fund of the state for that
  1 14 fiscal year as a result of the exemption of pensions
  1 15 and retirement income from the individual income tax
  1 16 as provided in section 220 of this Act.  Transfers
  1 17 under this subsection shall be made quarterly."
  1 18    #3.  Page 7, by inserting after line 37 the
  1 19 following:
  1 20    "Sec. 220.  Section 422.7, subsection 31, Code
  1 21 Supplement 2001, is amended to read as follows:
  1 22    31.  For a person who is disabled, or is fifty-five
  1 23 years of age or older, or is the surviving spouse of
  1 24 an individual or a survivor having an insurable
  1 25 interest in an individual who would have qualified for
  1 26 the exemption under this subsection for the tax year,
  1 27 subtract, to the extent included, the total amount of
  1 28 a governmental or other pension or retirement pay,
  1 29 including, but not limited to, defined benefit or
  1 30 defined contribution plans, annuities, individual
  1 31 retirement accounts, plans maintained or contributed
  1 32 to by an employer, or maintained or contributed to by
  1 33 a self-employed person as an employer, and deferred
  1 34 compensation plans or any earnings attributable to the
  1 35 deferred compensation plans, up to a maximum of six
  1 36 thousand dollars for a person, other than a husband or
  1 37 wife, who files a separate state income tax return and
  1 38 up to a maximum of twelve thousand dollars for a
  1 39 husband and wife who file a joint state income tax
  1 40 return.  However, a surviving spouse who is not
  1 41 disabled or fifty-five years of age or older can only
  1 42 exclude the amount of pension or retirement pay
  1 43 received as a result of the death of the other spouse.
  1 44 A husband and wife filing separate state income tax
  1 45 returns or separately on a combined state return are
  1 46 allowed a combined maximum exclusion under this
  1 47 subsection of up to twelve thousand dollars.  The
  1 48 twelve thousand dollar exclusion shall be allocated to
  1 49 the husband or wife in the proportion that each
  1 50 spouse's respective pension and retirement pay
  2  1 received bears to total combined pension and
  2  2 retirement pay received."
  2  3    #4.  Page 12, by inserting after line 49 the
  2  4 following:
  2  5    "3.  Section 220 of this Act, amending section
  2  6 422.7, subsection 31, takes effect January 1, 2003,
  2  7 for tax years beginning on or after that date."
  2  8    #5.  Page 13, line 4, by inserting after the word
  2  9 "electorate," the following:  "exempting pensions and
  2 10 retirement income from the individual income tax,".  
  2 11 
  2 12 
  2 13                               
  2 14 VAN FOSSEN of Scott
  2 15 
  2 16 
  2 17                               
  2 18 SIEVERS of Scott
  2 19 
  2 20 
  2 21                               
  2 22 SHEY of Linn
  2 23 
  2 24 
  2 25                               
  2 26 SUKUP of Franklin
  2 27 
  2 28 
  2 29                               
  2 30 MILLAGE of Scott
  2 31 
  2 32 
  2 33                               
  2 34 HOVERSTEN of Woodbury
  2 35 
  2 36 
  2 37                               
  2 38 HUSER of Polk
  2 39 
  2 40 
  2 41                               
  2 42 CHIODO of Polk
  2 43 SF 2228.1
  2 44 mg/es/25
     

Text: H08452                            Text: H08454
Text: H08400 - H08499                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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