House File 2669 - Introduced



                                       HOUSE FILE       
                                       BY  COMMITTEE ON VETERANS
                                           AFFAIRS

                                       (SUCCESSOR TO HF 2308)


    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 5098HV 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 5098HV 81
  1 18 mg:rj/sh/8