House File 2077 - Introduced



                                       HOUSE FILE       
                                       BY  HUSER, LUKAN, HORBACH,
                                           REICHERT, COHOON, QUIRK,
                                           MERTZ, STRUYK, KAUFMANN,
                                           and THOMAS


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

                                      A BILL FOR

  1 An Act relating to the exclusion of stipends or remuneration paid
  2    to volunteer fire fighters from the state individual income
  3    tax and including a retroactive applicability date provision.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 5160YH 81
  6 mg/je/5

PAG LIN



  1  1    Section 1.  Section 422.7, Code Supplement 2005, is amended
  1  2 by adding the following new subsection:
  1  3    NEW SUBSECTION.  45.  Subtract, to the extent included, the
  1  4 first fifteen thousand dollars received as a stipend or
  1  5 remuneration by the taxpayer for services rendered as a
  1  6 volunteer fire fighter.
  1  7    Sec. 2.  RETROACTIVE APPLICABILITY DATE.  This Act applies
  1  8 retroactively to January 1, 2006, for tax years beginning on
  1  9 or after that date.
  1 10                           EXPLANATION
  1 11    This bill excludes from income tax the first $15,000
  1 12 received by a taxpayer as a stipend or remuneration for
  1 13 services rendered as a volunteer fire fighter.
  1 14    The bill applies retroactively to January 1, 2006, for tax
  1 15 years beginning on or after that date.
  1 16 LSB 5160YH 81
  1 17 mg:rj/je/5