Bill Text: IA HF367 | 2021-2022 | 89th General Assembly | Enrolled
Bill Title: A bill for an act exempting from the state individual income tax the earnings from a burial trust fund, and including retroactive applicability provisions. (Formerly HSB 94.) Effective date: 07/01/2021. Applicability date: 01/01/2021.
Spectrum: Committee Bill
Status: (Passed) 2021-06-08 - Signed by Governor. H.J. 1209. [HF367 Detail]
Download: Iowa-2021-HF367-Enrolled.html
House
File
367
-
Enrolled
House
File
367
AN
ACT
EXEMPTING
FROM
THE
STATE
INDIVIDUAL
INCOME
TAX
THE
EARNINGS
FROM
A
BURIAL
TRUST
FUND,
AND
INCLUDING
RETROACTIVE
APPLICABILITY
PROVISIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
422.7,
Code
2021,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
48.
Subtract,
to
the
extent
included,
income
from
interest
and
earnings
received
from
a
burial
trust
fund
as
defined
in
section
523A.102.
House
File
367,
p.
2
Sec.
2.
RETROACTIVE
APPLICABILITY.
This
Act
applies
retroactively
to
January
1,
2021,
for
tax
years
beginning
on
or
after
that
date.
______________________________
PAT
GRASSLEY
Speaker
of
the
House
______________________________
JAKE
CHAPMAN
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
367,
Eighty-ninth
General
Assembly.
______________________________
MEGHAN
NELSON
Chief
Clerk
of
the
House
Approved
_______________,
2021
______________________________
KIM
REYNOLDS
Governor
