Text: SF02030 Text: SF02032 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 425.17, subsection 7, Code Supplement 1 2 2001, is amended to read as follows: 1 3 7. "Income" means the sum of Iowa net income as defined in 1 4 section 422.7, plus all of the following to the extent not 1 5 already included in Iowa net income: capital gains, alimony, 1 6 child support money, cash public assistance and relief, except 1 7 property tax relief granted under this division, amount of in- 1 8 kind assistance for housing expenses, the gross amount of any 1 9 pension or annuity, including but not limited to railroad 1 10 retirement benefits, payments received under the federal 1 11 Social Security Act, except child insurance benefits received 1 12 by a member of the claimant's household, and all military 1 13 retirement and veterans' disability pensions, interest 1 14 received from the state or federal government or any of its 1 15 instrumentalities, workers' compensation and the gross amount 1 16 of disability income or "loss of time" insurance. "Income" 1 17 does not include gifts from nongovernmental sources, or 1 18 surplus foods or other relief in kind supplied by a 1 19 governmental agency. In determining income, net operating 1 20 losses and net capital losses shall not be considered. In 1 21 determining income, the total amount of unreimbursed payments 1 22 made for prescription drugs and for health insurance premiums 1 23 for members of the claimant's household shall be deducted. 1 24 The director of revenue and finance shall establish the 1 25 procedure for documenting the unreimbursed payments for 1 26 prescription drugs and for health insurance premiums. 1 27 Sec. 2. APPLICABILITY. This Act applies to claims for 1 28 credit for property taxes due, claims for reimbursement for 1 29 rent constituting property taxes paid, and claims for credit 1 30 for manufactured or mobile home taxes due filed on or after 1 31 January 1, 2003. 1 32 EXPLANATION 1 33 This bill provides that in determining the household income 1 34 for purposes of the low-income elderly and disabled property 1 35 tax credit or reimbursement of rent constituting property tax 2 1 paid, the unreimbursed amount of prescription drugs and health 2 2 insurance premiums paid for members of the claimant's 2 3 household can be deducted. 2 4 The bill applies to claims filed on or after January 1, 2 5 2003. 2 6 LSB 5005SS 79 2 7 mg/pj/5
Text: SF02030 Text: SF02032 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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