HF 94: Relating to individual income taxation by exempting certain amounts received from nonqualified deferred compensation plans and including retroactive applicability provisions

What it does

Under current law, a taxpayer may exclude retirement income from the computation of net income for purposes of the individual income tax. In order to be eligible for the retirement income exclusion, a person must be disabled, at least years of age, or be the surviving spouse of an individual or be a survivor having an insurable interest in an individual who would have qualified for the retirement income exclusion. circumstances as the retirement income exclusion. In order to be eligible for the nonqualified deferred compensation plan income exclusion, the taxpayer must be disabled, at least years of age, or be the surviving spouse of an individual or be a survivor having an insurable interest in an individual who would have qualified for the income exclusion.

House subcommittee · named January 23, 2025

• Rep. Megan Jones (R) · megan.jones@legis.iowa.gov
• Rep. Jane Bloomingdale (R) · jane.bloomingdale@legis.iowa.gov
• Rep. Kenan Judge (D) · kenan.judge@legis.iowa.gov

Lobbying · 2 for, 0 against

For: Dr. Tanja Garrison; Foundation for Government Accountability Action

In plain words

1. January 21, 2025Filed in the House and sent to the Ways and Means committee
2. January 23, 2025House subcommittee named: Jones, Bloomingdale and Judge
3. January 28, 2025Subcommittee recommended passing it
4. March 13, 2025Approved by the House committee
5. March 13, 2025Committee vote: 23–0
6. March 13, 2025Approved by the House committee, and given a new number: HF 961