Bill Text: IA SSB3125 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A study bill for an act exempting from the state individual income tax the federal retirement pay of a resident received for military service and including retroactive applicability provisions.
Spectrum: Unknown
Status: (N/A - Dead) 2014-01-28 - In Veterans Affairs [SSB3125 Detail]
Download: Iowa-2013-SSB3125-Introduced.html
Senate
Study
Bill
3125
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
VETERANS
AFFAIRS
BILL
BY
CHAIRPERSON
BEALL)
A
BILL
FOR
An
Act
exempting
from
the
state
individual
income
tax
the
1
federal
retirement
pay
of
a
resident
received
for
military
2
service
and
including
retroactive
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
5473XC
(2)
85
mm/sc
S.F.
_____
Section
1.
Section
422.7,
Code
2014,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
31A.
a.
Subtract,
to
the
extent
included,
3
retirement
pay
received
by
a
resident
taxpayer
from
the
federal
4
government
for
military
service
performed
in
the
armed
forces,
5
the
armed
forces
military
reserve,
or
the
national
guard.
6
b.
The
exclusion
of
retirement
pay
under
this
subsection
is
7
in
addition
to
any
exclusion
provided
under
subsection
31.
8
Sec.
2.
RETROACTIVE
APPLICABILITY.
This
Act
applies
9
retroactively
to
January
1,
2014,
for
tax
years
beginning
on
10
or
after
that
date.
11
EXPLANATION
12
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
13
the
explanation’s
substance
by
the
members
of
the
general
assembly.
14
This
bill
exempts
from
the
individual
income
tax
all
15
retirement
pay
of
an
Iowa
resident
from
federal
military
16
service
in
the
armed
forces,
the
military
reserve,
or
national
17
guard.
The
exemption
is
in
addition
to
the
general
pension
18
exclusion.
19
The
bill
applies
retroactively
to
January
1,
2014,
for
tax
20
years
beginning
on
or
after
that
date.
21
-1-
LSB
5473XC
(2)
85
mm/sc
1/
1
