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
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