Senate File 94 - Introduced



                                       SENATE FILE       
                                       BY  RIELLY


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

                                      A BILL FOR

  1 An Act excluding compensation, including retirement benefits,
  2    received from the federal government for military services
  3    from income tax and including a retroactive applicability date
  4    provision.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 2104XS 82
  7 mg/je/5

PAG LIN



  1  1    Section 1.  Section 422.7, Code 2007, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  50.  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, 2007, for tax years beginning on
  1  9 or after that date.
  1 10                           EXPLANATION
  1 11    This bill exempts from the individual income tax
  1 12 compensation, including retirement benefits, received from the
  1 13 federal government for military service in the armed forces,
  1 14 armed forces military reserve, or national guard.
  1 15    The bill applies retroactively to January 1, 2007, for tax
  1 16 years beginning on or after that date.
  1 17 LSB 2104XS 82
  1 18 mg:rj/je/5