Text: SF00283 Text: SF00285 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code 2003, is amended by adding
1 2 the following new subsections:
1 3 NEW SUBSECTION. 39. Subtract, to the extent not already
1 4 excluded, the amount of expenses incurred by the taxpayer for
1 5 the performance of military service on active or inactive
1 6 status in the national guard or armed forces reserve.
1 7 NEW SUBSECTION. 40. Subtract, to the extent included,
1 8 military student loan repayments received by the taxpayer
1 9 serving on active duty in the national guard or armed forces
1 10 reserve or on active duty status in the armed forces.
1 11 Sec. 2. Section 422.9, subsection 2, Code 2003, is amended
1 12 by adding the following new paragraph:
1 13 NEW PARAGRAPH. j. If the taxpayer has a deduction for
1 14 miscellaneous expenses under section 67 of the Internal
1 15 Revenue Code, the taxpayer shall recompute for the purposes of
1 16 this subsection the amount of the deduction under section 67
1 17 by excluding from the expenses, the amount subtracted under
1 18 section 422.7, subsection 39.
1 19 Sec. 3. RETROACTIVE APPLICABILITY DATE. This Act applies
1 20 retroactively to January 1, 2003, for tax years beginning on
1 21 or after that date.
1 22 EXPLANATION
1 23 This bill allows a deduction for the total amount of
1 24 expenses incurred in the performance of military service in
1 25 the national guard or armed forces reserve while on active or
1 26 inactive status.
1 27 The bill also exempts military student loan repayments
1 28 received by the taxpayer serving on active duty in the
1 29 national guard, armed forces reserve, or regular armed forces.
1 30 The bill applies retroactively to January 1, 2003, for tax
1 31 years beginning on or after that date.
1 32 LSB 1478XS 80
1 33 mg/sh/8
Text: SF00283 Text: SF00285 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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