House Amendment 8052


PAG LIN




     1  1    Amend House File 2417 as follows:
     1  2 #1.  Page 1, by inserting before line 1 the
     1  3 following:
     1  4    <Section 1.  Section 422.7, subsection 31, Code
     1  5 Supplement 2007, is amended to read as follows:
     1  6    31.  a.  For a person who is disabled, or is
     1  7 fifty=five years of age or older, or is the surviving
     1  8 spouse of an individual or a survivor having an
     1  9 insurable interest in an individual who would have
     1 10 qualified for the exemption under this subsection for
     1 11 the tax year, subtract, to the extent included, the
     1 12 total amount of a governmental or other pension or
     1 13 retirement pay, including, but not limited to, defined
     1 14 benefit or defined contribution plans, annuities,
     1 15 individual retirement accounts, plans maintained or
     1 16 contributed to by an employer, or maintained or
     1 17 contributed to by a self=employed person as an
     1 18 employer, and deferred compensation plans or any
     1 19 earnings attributable to the deferred compensation
     1 20 plans, up to a maximum of six thousand dollars for a
     1 21 person, other than a husband or wife, who files a
     1 22 separate state income tax return and up to a maximum
     1 23 of twelve thousand dollars for a husband and wife who
     1 24 file a joint state income tax return.  However, a
     1 25 surviving spouse who is not disabled or fifty=five
     1 26 years of age or older can only exclude the amount of
     1 27 pension or retirement pay received as a result of the
     1 28 death of the other spouse.  A husband and wife filing
     1 29 separate state income tax returns or separately on a
     1 30 combined state return are allowed a combined maximum
     1 31 exclusion under this subsection of up to twelve
     1 32 thousand dollars.  The twelve thousand dollar
     1 33 exclusion shall be allocated to the husband or wife in
     1 34 the proportion that each spouse's respective pension
     1 35 and retirement pay received bears to total combined
     1 36 pension and retirement pay received.
     1 37    b.  (1)  For tax years beginning in the 2009
     1 38 calendar year, subtract, to the extent included,
     1 39 twenty percent of taxable pension benefits remaining
     1 40 after the subtraction in paragraph "a".
     1 41    (2)  For tax years beginning in the 2010 calendar
     1 42 year, subtract, to the extent included, forty percent
     1 43 of taxable pension benefits remaining after the
     1 44 subtraction in paragraph "a".
     1 45    (3)  For tax years beginning in the 2011 calendar
     1 46 year, subtract, to the extent included, sixty percent
     1 47 of taxable pension benefits remaining after the
     1 48 subtraction in paragraph "a".
     1 49    (4)  For tax years beginning in the 2012 calendar
     1 50 year, subtract, to the extent included, eighty percent
     2  1 of taxable pension benefits remaining after the
     2  2 subtraction in paragraph "a".
     2  3    (5)  For tax years beginning on or after January 1,
     2  4 2013, subtract, to the extent included, all taxable
     2  5 pension benefits remaining after the subtraction in
     2  6 paragraph "a".>
     2  7 #2.  Title page, line 1, by inserting after the
     2  8 word <certain> the following:  <pension benefits and>.
     2  9
     2 10
     2 11                               
     2 12 VAN FOSSEN of Scott
     2 13 HF 2417.202 82
     2 14 mg/rj/10622

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