Bill Text: IA SF261 | 2015-2016 | 86th General Assembly | Introduced

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Bill Title: A bill for an act exempting individuals of a certain age from the individual income tax, and including effective date and retroactive applicability provisions.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2015-02-18 - Subcommittee, Quirmbach, Bolkcom, and Feenstra. S.J. 325. [SF261 Detail]

Download: Iowa-2015-SF261-Introduced.html

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Senate File 261 - Introduced




                                 SENATE FILE       
                                 BY  CHELGREN

                                      A BILL FOR

  1 An Act exempting individuals of a certain age from the
  2    individual income tax, and including effective date and
  3    retroactive applicability provisions.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  NEW SECTION.  422.5A  Exempt individuals.
  1  2    1.  Notwithstanding any other provision of law to the
  1  3 contrary, an individual who is at least sixty=five years old
  1  4 on December 31 of the tax year shall be exempt from the taxes
  1  5 imposed under this division.
  1  6    2.  Notwithstanding any other provision of law to the
  1  7 contrary, an individual exempt from the taxes imposed under
  1  8 this division pursuant to subsection 1 shall not be required to
  1  9 make and file a return pursuant to section 422.13.
  1 10    3.  Notwithstanding any other provision of law to the
  1 11 contrary, a withholding agent, employer, or other person shall
  1 12 not be required to deduct and withhold any amounts as required
  1 13 in section 422.16 for or from an individual who is exempt from
  1 14 the taxes imposed under this division pursuant to subsection 1.
  1 15    Sec. 2.  Section 422.12, subsection 2, paragraph a,
  1 16 subparagraph (4), Code 2015, is amended by striking the
  1 17 subparagraph.
  1 18    Sec. 3.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of
  1 19 immediate importance, takes effect upon enactment.
  1 20    Sec. 4.  RETROACTIVE APPLICABILITY.  This Act applies
  1 21 retroactively to January 1, 2015, for tax years beginning on
  1 22 or after that date.
  1 23                           EXPLANATION
  1 24 The inclusion of this explanation does not constitute agreement with
  1 25 the explanation's substance by the members of the general assembly.
  1 26    This bill exempts any individual who is at least 65 years
  1 27 of age from the individual income tax.  Exempt individuals are
  1 28 no longer required to make and file an income tax return and
  1 29 employers are no longer required to deduct and withhold wages
  1 30 from exempt individuals.
  1 31    The bill takes effect upon enactment and applies
  1 32 retroactively to tax years beginning on or after January 1,
  1 33 2015.
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