Bill Text: IA SSB1194 | 2015-2016 | 86th General Assembly | Introduced
Bill Title: A study bill for an act exempting from the state individual income tax the earnings from a burial trust fund, and including retroactive applicability provisions.
Spectrum: Unknown
Status: (Introduced - Dead) 2015-02-17 - Ways and Means: McCoy Chair,Feenstra, and Petersen. [SSB1194 Detail]
Download: Iowa-2015-SSB1194-Introduced.html
Senate
Study
Bill
1194
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
BOLKCOM)
A
BILL
FOR
An
Act
exempting
from
the
state
individual
income
tax
the
1
earnings
from
a
burial
trust
fund,
and
including
retroactive
2
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
2018XC
(1)
86
mm/sc
S.F.
_____
Section
1.
Section
422.7,
Code
2015,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
48.
Subtract,
to
the
extent
included,
3
income
from
interest
and
earnings
received
from
a
burial
trust
4
fund
as
defined
in
section
523A.102.
5
Sec.
2.
RETROACTIVE
APPLICABILITY.
This
Act
applies
6
retroactively
to
January
1,
2015,
for
tax
years
beginning
on
7
or
after
that
date.
8
EXPLANATION
9
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
10
the
explanation’s
substance
by
the
members
of
the
general
assembly.
11
This
bill
exempts
from
the
state
individual
income
tax
12
the
interest
and
earnings
received
from
a
burial
trust
fund.
13
Burial
trust
funds,
which
are
governed
by
Code
chapter
523A,
14
are
irrevocable
trusts
established
by
a
person
with
a
financial
15
institution
for
the
purpose
of
funding
the
future
purchase
of
16
cemetery
merchandise,
funeral
merchandise,
funeral
services,
or
17
a
combination
thereof
upon
the
death
of
the
person
named
in
the
18
burial
trust
fund’s
records
or
a
related
purchase
agreement.
19
The
bill
applies
retroactively
to
January
1,
2015,
for
tax
20
years
beginning
on
or
after
that
date.
21
-1-
LSB
2018XC
(1)
86
mm/sc
1/
1
