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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