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