Senate File 93

                                       SENATE FILE       
                                       BY  LARSON


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act exempting from the individual income tax income of an
  2    individual received while on active duty as a member of the
  3    national guard or armed forces regular or reserve unit, and
  4    including effective and retroactive date provisions.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 1796XS 80
  7 mg/pj/5

PAG LIN

  1  1    Section 1.  Section 422.7, Code 2003, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  25A.  Subtract, to the extent included,
  1  4 income from whatever source received by an individual in the
  1  5 national guard or armed forces regular or reserve units during
  1  6 the period the individual is on active duty on or after
  1  7 January 1, 2003.
  1  8    Sec. 2.  EFFECTIVE AND APPLICABILITY DATE.  This Act, being
  1  9 deemed of immediate importance, takes effect upon enactment
  1 10 and applies retroactively to January 1, 2003, for tax years
  1 11 beginning on or after that date.
  1 12                           EXPLANATION
  1 13    This bill exempts from the individual income tax all the
  1 14 income received by a person in the national guard or the armed
  1 15 forces regular or reserve units during the period the person
  1 16 is on active duty on or after January 1, 2003.
  1 17    The bill takes effect upon enactment and applies
  1 18 retroactively to January 1, 2003, for tax years beginning on
  1 19 or after that date.
  1 20 LSB 1796XS 80
  1 21 mg/pj/5
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