Text: SF00421 Text: SF00423 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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 ofsixtwelve 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 oftwelvetwenty-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 totwelvetwenty-four thousand dollars. 1 26 Thetwelvetwenty-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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