Text: SF00026 Text: SF00028 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.7, subsection 13, Code 2003, is 1 2 amended to read as follows: 1 3 13. a. Subtract, to the extent included, the amount of 1 4 additional social security benefits taxable under the Internal 1 5 Revenue Code for tax years beginning on or after January 1, 1 6 1994, but before January 1, 2003. The amount of social 1 7 security benefits taxable as provided in section 86 of the 1 8 Internal Revenue Code, as amended up to and including January 1 9 1, 1993, continues to apply for state income tax purposes for 1 10 tax years beginning on or after January 1, 1994, but before 1 11 January 1, 2003. 1 12 Married taxpayers, who file a joint federal income tax 1 13 return and who elect to file separate returns or who elect 1 14 separate filing on a combined return for state income tax 1 15 purposes, shall allocate between the spouses the amount of 1 16 benefits subtracted from net income in the ratio of the social 1 17 security benefits received by each spouse to the total of 1 18 these benefits received by both spouses. 1 19 b. Subtract, to the extent included, the amount of social 1 20 security benefits taxable under section 86 of the Internal 1 21 Revenue Code for tax years beginning on or after January 1, 1 22 2003. 1 23 Sec. 2. APPLICABILITY DATE. This Act applies 1 24 retroactively to January 1, 2003, for tax years beginning on 1 25 or after that date. 1 26 EXPLANATION 1 27 This bill exempts from the state individual income tax all 1 28 social security benefits received by the taxpayer for tax 1 29 years beginning on or after January 1, 2003. Prior to this 1 30 date, the tax on social security benefits is limited to a tax 1 31 on not more than 50 percent of social security benefits 1 32 received. The bill applies retroactively to January 1, 2003, 1 33 for tax years beginning on or after that date. 1 34 LSB 1073XS 80 1 35 mg/sh/8
Text: SF00026 Text: SF00028 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2003 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Jan 29 03:30:00 CST 2004
URL: /DOCS/GA/80GA/Legislation/SF/00000/SF00027/030117.html
jhf