Bills › 89th General Assembly
Relating to the exclusion of certain unemployment compensation from the individual income tax, and including effective date and retroactive applicability provisions
Topics:TaxesIncome taxes
Where it is now
- Done: IntroducedFebruary 2, 2021
- Done: SubcommitteeFebruary 8, 2021
- 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 2022 session adjourned on May 24, 2022, 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 certain unemployment compensation from the individual income tax. Under the bill, a taxpayer who has received compensation authorized pursuant to certain federal programs shall not include in the taxpayer’s Iowa net income any of the following: pandemic unemployment assistance; pandemic emergency unemployment compensation; pandemic unemployment compensation received through the memorandum issued by the president of the United States on August 8, 2020; and the extension of pandemic unemployment compensation. The bill takes effect upon enactment and applies retroactively to January 1, 2020, for tax years beginning on or after that date but before January 1, 2022.
Senate subcommittee
Named February 8, 2021. It hasn’t reported yet.
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
Fiscal note
6 million There is no projected impact beyond FY 2022. 5 million across the two fiscal years. Tax returns for TY 2020 filing season begins in mid-February 2021. Exempting the UI income from income tax for TY 2020 will require changes to tax forms, instructions, and programs.
- Income Tax Exemption, Pandemic Payments · February 15, 2021
Similar bills
- HF 581 Relating to the exclusion of certain unemployment compensation from the individual income …89th General Assembly · In committeeNearly identical
Matched by wording or an identical title.