Text: HF02424 Text: HF02426 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code Supplement 2001, is amended
1 2 by adding the following new subsection:
1 3 NEW SUBSECTION. 38. Subtract, to the extent not otherwise
1 4 excluded, the amount of withdrawals from tax deferred savings
1 5 accounts made during the tax year if the taxpayer or
1 6 taxpayer's spouse is a member of the Iowa national guard or
1 7 reserve forces of the United States who is ordered to active
1 8 state service or federal service or duty. In addition, a
1 9 penalty for such withdrawals shall not be assessed by the
1 10 state.
1 11 Sec. 2. EFFECTIVE AND APPLICABILITY DATE. This Act, being
1 12 deemed of immediate importance, takes effect upon enactment
1 13 and applies retroactively to January 1, 2002, for tax years
1 14 beginning on or after that date.
1 15 EXPLANATION
1 16 This bill provides a deduction from the individual income
1 17 tax for the withdrawal of amounts from deferred savings
1 18 accounts when made during the time an Iowa national guardsman
1 19 or United States reservist is ordered to active state service
1 20 or federal service or duty. Also, the withdrawal would not be
1 21 subject to a state penalty for early withdrawal.
1 22 The bill takes effect upon enactment and applies
1 23 retroactively to January 1, 2002, for tax years beginning on
1 24 or after that date.
1 25 LSB 6381HH 79
1 26 mg/sh/8
Text: HF02424 Text: HF02426 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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