HF 2532 (LSB 5344HZ (4) 83)

EXEMPTING FROM THE COMPUTATION OF THE STATE INDIVIDUAL INCOME TAX CERTAIN AMOUNTS RECEIVED FROM THE VETERANS TRUST FUND AND INCLUDING A RETROACTIVE APPLICABILITY PROVISION.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 422.7, Code Supplement 2009, is amended by adding the following new subsection:
   NEW SUBSECTION.  46A.  Subtract, to the extent included, amounts received from the veterans trust fund for any of the following items:
   a.  Travel expenses pursuant to section 35A.13, subsection 7, paragraph “a”.
   b.  Unemployment assistance pursuant to section 35A.13, subsection 7, paragraph “c”.

    Sec. 2.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2010, for tax years beginning on or after that date.

______________________________
PATRICK J. MURPHY

Speaker of the House

______________________________
JOHN P. KIBBIE

President of the Senate

   I hereby certify that this bill originated in the House and is known as House File 2532, Eighty-third General Assembly.

______________________________
MARK BRANDSGARD

Chief Clerk of the House
Approved _______________, 2010

______________________________
CHESTER J. CULVER

Governor