General Assembly: 89 (2021 Regular GA) - Chapter 154 - Individual income tax — exemption — burial trust fund earnings


Published: 2021-06-08

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CHAPTER 154 INDIVIDUAL INCOME TAX — EXEMPTION — BURIAL TRUST FUND EARNINGS

H.F. 367

ANACT exempting from the state individual income tax the earnings from a burial trust fund, and including retroactive applicability provisions.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 422.7, Code 2021, is amended by adding the following new subsection: NEW SUBSECTION. 48. Subtract, to the extent included, income from interest and

earnings received from a burial trust fund as defined in section 523A.102.

Sec. 2. RETROACTIVE APPLICABILITY. This Act applies retroactively to January 1, 2021, for tax years beginning on or after that date.

Approved June 8, 2021

WedAug 18 21:15:55 2021, v B5|A3 1/ 1