Text: SF00421                           Text: SF00423
Text: SF00400 - SF00499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

Senate File 422

Partial Bill History

Bill Text

  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 twelve thousand dollars for a person,
  1 16 other than a husband or wife, who files a separate state
  1 17 income tax return and up to a maximum of twelve twenty-four
  1 18 thousand dollars for a husband and wife who file a joint state
  1 19 income tax return.  However, a surviving spouse who is not
  1 20 disabled or fifty-five years of age or older can only exclude
  1 21 the amount of pension or retirement pay received as a result
  1 22 of the death of the other spouse.  A husband and wife filing
  1 23 separate state income tax returns or separately on a combined
  1 24 state return are allowed a combined maximum exclusion under
  1 25 this subsection of up to twelve twenty-four thousand dollars.
  1 26 The twelve twenty-four thousand dollar exclusion shall be
  1 27 allocated to the husband or wife in the proportion that each
  1 28 spouse's respective pension and retirement pay received bears
  1 29 to total combined pension and retirement pay received.
  1 30    Sec. 2.  APPLICABILITY.  This Act applies to tax years
  1 31 beginning on or after January 1, 2003.  
  1 32                           EXPLANATION
  1 33    This bill increases the state individual income tax
  1 34 exemption for pension and retirement pay from $6,000 to
  1 35 $12,000 for single filers and from $12,000 to $24,000 for
  2  1 married taxpayers.  The exemption is available to a taxpayer
  2  2 who is disabled or 55 years of age or older, or a qualifying
  2  3 survivor of such a taxpayer.
  2  4    The bill applies to tax years beginning on or after January
  2  5 1, 2003.  
  2  6 LSB 2408SS 79
  2  7 sc/pj/5

Text: SF00421                           Text: SF00423
Text: SF00400 - SF00499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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