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ID H0036
Bill
Status
3/5/2015
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Allows individuals age 65 or older (or age 62+ if disabled) to deduct specified retirement benefits from taxable income, including federal civil service, foreign service, state firemen's, Idaho city police, and U.S. military retirement benefits.
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Caps the deduction amount at the maximum social security benefits payable for the tax year, with different maximum amounts depending on filing status (joint return, unmarried, or unremarried widow/widower).
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Reduces the allowable deduction by any federal railroad retirement act or federal social security act benefits received by the taxpayer or spouse during the tax year.
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Explicitly prohibits taxpayers not fitting into specified categories from deducting any retirement benefits, including those paid by the federal employees retirement system or foreign service pension system.
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Takes effect immediately upon passage and approval, with retroactive application to January 1, 2015.
Legislative Description
Amends existing law to revise provisions relating to the deduction of certain retirement benefits and to clarify that certain taxpayers may not deduct certain retirement benefits.
INCOME TAX
Last Action
Reported Signed by Governor on March 5, 2015 Session Law Chapter 34 Effective: 01/01/2015
3/5/2015