Bill Text: IA SF138 | 2011-2012 | 84th General Assembly | Introduced


Bill Title: A bill for an act exempting from the state individual income tax federal retirement pay received for military service and including retroactive applicability provisions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-12-31 - END OF 2011 ACTIONS [SF138 Detail]

Download: Iowa-2011-SF138-Introduced.html
Senate File 138 - Introduced SENATE FILE 138 BY HAMERLINCK A BILL FOR An Act exempting from the state individual income tax federal 1 retirement pay received for military service and including 2 retroactive applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1625XS (2) 84 tw/sc
S.F. 138 Section 1. Section 422.7, Code 2011, is amended by adding 1 the following new subsection: 2 NEW SUBSECTION . 31A. a. Subtract, to the extent included, 3 retirement pay received from the federal government for 4 military service performed in the armed forces, armed forces 5 military reserve, or national guard. 6 b. The exclusion of retirement benefits under this 7 subsection is in addition to any exclusion provided under 8 subsection 31. 9 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies 10 retroactively to January 1, 2011, for tax years beginning on 11 or after that date. 12 EXPLANATION 13 This bill provides for the exclusion of retirement benefits 14 from federal military service in the armed forces, military 15 reserve, or national guard. The exemption is in addition to 16 the general pension exclusion. 17 The bill applies retroactively to January 1, 2011, for tax 18 years beginning on or after that date. 19 -1- LSB 1625XS (2) 84 tw/sc 1/ 1
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