HF 2364 (LSB 6131YH (2) 89)

HOUSE FILE 2364

BY  ANDREWS

A BILL FOR

An Act establishing an income tax exclusion for persons seventy years of age or older, and including applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 422.7, Code 2022, is amended by adding the following new subsection:
   NEW SUBSECTION.  31C.  Subtract, to the extent included, income received by a person seventy years of age or older.
    Sec. 2.  APPLICABILITY.  This Act applies to tax years beginning on or after January 1, 2023.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill establishes an income tax exclusion for persons 70 years of age or older. The bill applies to tax years beginning on or after January 1, 2023.