House File 2350 - Introduced



                                  HOUSE FILE       
                                  BY  MAY


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

                                      A BILL FOR

  1 An Act exempting from the individual income tax federal
  2    retirement pay received for military service and including
  3    effective and applicability date provisions.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 6126HH 82
  6 mg/sc/14

PAG LIN



  1  1    Section 1.  Section 422.7, Code Supplement 2007, is amended
  1  2 by adding the following new subsection:
  1  3    NEW SUBSECTION.  31A.  a.  Subtract, to the extent
  1  4 included, retirement pay received from the federal government
  1  5 for military service performed in the armed forces, armed
  1  6 forces military reserve, or national guard.
  1  7    b.  The exclusion of retirement benefits under this
  1  8 subsection is in addition to any exclusion provided under
  1  9 subsection 31.
  1 10    Sec. 2.  EFFECTIVE AND APPLICABILITY DATE.  This Act takes
  1 11 effect January 1, 2010, and applies to tax years beginning on
  1 12 or after that date.
  1 13                           EXPLANATION
  1 14    This bill provides for the exclusion of retirement benefits
  1 15 from federal military service in the armed forces, military
  1 16 reserve, or national guard.  The exemption is in addition to
  1 17 the general pension exclusions.
  1 18    The bill takes effect January 1, 2010, and applies to tax
  1 19 years beginning on or after that date.
  1 20 LSB 6126HH 82
  1 21 mg/sc/14.1