House File 2308 - Introduced HOUSE FILE BY CARROLL Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act exempting military duty and retirement pay received from 2 the federal government by members of the armed forces from the 3 individual income tax and including a retroactive 4 applicability date provision. 5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 6 TLSB 5098YH 81 7 mg/sh/8 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, 1 4 compensation, including retirement benefits, received from the 1 5 federal government for military service performed in the armed 1 6 forces, armed forces military reserves, or national guard. 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 exempts from income tax compensation, including 1 12 retirement benefits, received from the federal government for 1 13 military service in the armed forces, armed forces military 1 14 reserve, or national guard. 1 15 The bill applies retroactively to January 1, 2006, for tax 1 16 years beginning on or after that date. 1 17 LSB 5098YH 81 1 18 mg:rj/sh/8