Senate File 145 - Introduced





                                       SENATE FILE       
                                       BY  HAMERLINCK


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

                                      A BILL FOR

  1 An Act excluding from the individual income tax retirement
  2    benefits received for military service performed in the
  3    national guard and including a retroactive applicability date
  4    provision.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 1755XS 83
  7 tw/mg:sc/5

PAG LIN



  1  1    Section 1.  Section 422.7, Code 2009, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  31A.  a.  Subtract, to the extent
  1  4 included, retirement pay received for military service
  1  5 performed in the national guard.
  1  6    b.  The exclusion of retirement benefits under this
  1  7 subsection is in addition to any exclusion provided under
  1  8 subsection 31.
  1  9    Sec. 2.  RETROACTIVE APPLICABILITY DATE.  This Act applies
  1 10 retroactively to January 1, 2009, for tax years beginning on
  1 11 or after that date.
  1 12                           EXPLANATION
  1 13    This bill excludes from the individual income tax
  1 14 retirement benefits received for military service in the
  1 15 national guard.  The exemption is in addition to the general
  1 16 pension exclusions.
  1 17    The bill applies retroactively to January 1, 2009, for tax
  1 18 years beginning on or after that date.
  1 19 LSB 1755XS 83
  1 20 tw/mg:sc/5