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
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