Bills › 88th General Assembly
SSB 1236
Topics:Veterans & militaryIncome taxes
Same legislation: SF 308
Where it is now
- Done: IntroducedFebruary 19, 2019
- Done: SubcommitteeFebruary 20, 2019
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
This bill relates to the exclusion of retirement income from the computation of net income for purposes of the individual income tax. The bill excludes from the individual income tax all retirement income received by an individual from the federal civil service retirement system, and survivor benefits received from such system. The bill phases in over a five-year period the complete exclusion from the individual income tax of a taxpayer’s retirement income remaining after the exclusions referenced above.
Read the full explanation
The percentage of this retirement income that is excluded for tax years beginning in 2019, 2020, 2021, and 2020, is percent, percent, percent, and percent, respectively. For tax years beginning in 2023 or later, 100 percent of a taxpayer’s retirement income will be excluded from the individual income tax.5, and further provides that any retirement income excluded from the individual income tax will not be added back to these calculations for tax years beginning in 2023 or later. The bill defines “retirement income” for purposes of the exclusion. Under current law, a taxpayer may exclude all retirement pay, including certain survivor benefits, received from the federal government for military service performed in the armed forces, the armed forces military reserve, or national guard. In addition, a taxpayer who is disabled, who is at least years of age, or who is the surviving spouse or other specified survivor of that qualifying taxpayer, may exclude a maximum of $6,000 of other retirement income ($12,000 for married couples). The bill applies retroactively to January 1, 2019, for tax years beginning on or after that date.
Senate subcommittee
Named March 5, 2019. It hasn’t reported yet.
- Sen. Randy Feenstra R
- Sen. R. Smith
- Sen. Joe Bolkcom D
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Lobbying
1 for · 1 against · 9 undecided · Who →
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88th General Assembly
Earlier and later bills are matched by wording or an identical title.
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Matched by wording or an identical title.