Bill Text: IA SF303 | 2013-2014 | 85th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: A bill for an act relating to veterans, military service members, and certain survivor beneficiaries and including effective date and retroactive applicability provisions. (Formerly SSB 1158.) Various effective dates; see section 8 of bill.

Spectrum: Committee Bill

Status: (Passed) 2014-05-26 - Signed by Governor. S.J. 929. [SF303 Detail]

Download: Iowa-2013-SF303-Introduced.html

---

Senate File 303 - Introduced
SENATE FILE 303
BY COMMITTEE ON VETERANS
AFFAIRS
(SUCCESSOR TO SSB 1158)
A BILL FOR
An Act exempting federal retirement pay of a resident received
for military service from the state individual income tax
and including retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
TLSB 2169SV (1) 85
mm/sc

S.F. 303
Section 1. Section 422.7, Code 2013, is amended by adding
the following new subsection:
NEW SUBSECTION . 31A. a. Subtract, to the extent included,
retirement pay received by a resident taxpayer from the federal
government for military service performed in the armed forces,
the armed forces military reserve, or national guard.
b. The exclusion of retirement pay under this subsection is
in addition to any exclusion provided under subsection 31.
Sec. 2. RETROACTIVE APPLICABILITY. This Act applies
retroactively to January 1, 2013, for tax years beginning on
or after that date.
EXPLANATION
This bill exempts from the individual income tax all
retirement pay of an Iowa resident from federal military
service in the armed forces, the military reserve, or national
guard. The exemption is in addition to the general pension
exclusion.
The bill applies retroactively to January 1, 2013, for tax
years beginning on or after that date.
-1-
LSB 2169SV (1) 85
mm/sc 1/ 1