Text: HF00095                           Text: HF00097
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 96

Partial Bill History

• Bill Introduced: H.J. 136
• Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.7, subsection 31, Code 2001, 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 six thousand dollars for a person, other than
  1 16 a husband or wife, who files a separate state income tax
  1 17 return and up to a maximum of twelve thousand dollars for a
  1 18 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 twelve thousand dollars.  The twelve thousand dollar
  1 26 exclusion shall be allocated to the husband or wife in the
  1 27 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.  APPLICABILITY.  This Act applies retroactively to
  1 31 January 1, 2001, for tax years beginning on or after that
  1 32 date.  
  1 33                           EXPLANATION
  1 34    This bill excludes from income for purposes of the state
  1 35 individual income tax all pension and retirement pay received
  2  1 by a taxpayer who is disabled or 55 years of age or older, or
  2  2 a qualifying surviving spouse or other qualifying survivor of
  2  3 such a taxpayer.
  2  4    The bill applies retroactively to January 1, 2001, for tax
  2  5 years beginning on or after that date.  
  2  6 LSB 1068YH 79
  2  7 sc/pj/5
     

Text: HF00095                           Text: HF00097
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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