House
File
221
-
Introduced
HOUSE
FILE
221
BY
COMMITTEE
ON
VETERANS
AFFAIRS
(SUCCESSOR
TO
HSB
30)
A
BILL
FOR
An
Act
exempting
federal
retirement
pay
of
a
resident
received
1
for
military
service
from
the
state
individual
income
tax
2
and
including
retroactive
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
1471HV
(1)
85
mm/sc
H.F.
221
Section
1.
Section
422.7,
Code
2013,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
31A.
a.
Subtract,
to
the
extent
included,
3
retirement
pay
received
by
a
resident
taxpayer
from
the
federal
4
government
for
military
service
performed
in
the
armed
forces,
5
the
armed
forces
military
reserve,
or
national
guard.
6
b.
The
exclusion
of
retirement
pay
under
this
subsection
is
7
in
addition
to
any
exclusion
provided
under
subsection
31.
8
Sec.
2.
RETROACTIVE
APPLICABILITY.
This
Act
applies
9
retroactively
to
January
1,
2013,
for
tax
years
beginning
on
10
or
after
that
date.
11
EXPLANATION
12
This
bill
exempts
from
the
individual
income
tax
all
13
retirement
pay
of
an
Iowa
resident
from
federal
military
14
service
in
the
armed
forces,
the
military
reserve,
or
national
15
guard.
The
exemption
is
in
addition
to
the
general
pension
16
exclusion.
17
The
bill
applies
retroactively
to
January
1,
2013,
for
tax
18
years
beginning
on
or
after
that
date.
19
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1471HV
(1)
85
mm/sc
1/
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