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Bills · 2023-2024 Regular Session

AB 1021

Vetoed Official bill text Atom feed

Relating to: increasing and expanding the retirement income subtraction. (FE)

Income tax — Deduction Legislature — Tax exemptions joint survey committee on Retirement — Private plans

  1. Introduced, completed
  2. Passes Assembly, completed
  3. Passes Senate, stopped here
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill increases and expands the individual state income tax subtraction for

payments or distributions received from qualified retirement plans under the

Internal Revenue Code or from certain individual retirement accounts. Under the

bill, beginning in tax year 2024, up to $75,000 of payments or distributions received

from qualified retirement plans or certain individual retirement accounts may be

subtracted annually from an individual's taxable income, if the individual is at least

65 years of age. If the individual and individual's spouse are both at least 65 years

of age, the sum of the amount that the couple may subtract annually from their

combined taxable income may not exceed $150,000.

Under current law, up to $5,000 of payments or distributions received by

certain individuals from qualified retirement plans or from certain individual

retirement accounts may be subtracted. To be eligible, the individual must be at least

65 years old and have federal adjusted gross income under $15,000, or under $30,000

if married.

Because this bill relates to an exemption from state or local taxes, it may be

referred to the Joint Survey Committee on Tax Exemptions for a report to be printed

as an appendix to the bill.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Allen (R) , Armstrong (R) , August (R) , Behnke (R) , Binsfeld (R) , Born (R) , Brandtjen (R) , Dittrich (R) , Donovan (R) , Edming (R) , Goeben (R) , Green (R) , Gundrum (R) , Hurd (R) , Katsma (R) , Kitchens (R) , Krug (R) , Kurtz (R) , Macco (R) , Magnafici (R) , Maxey (R) , Melotik (R) , Moses (R) , Murphy (R) , Mursau (R) , Myers (D) , Nedweski (R) , O'Connor (R) , Oldenburg (R) , Penterman (R) , Petryk (R) , Plumer (R) , Rettinger (R) , Schmidt (R) , Schraa (R) , Schutt (R) , Snyder (R) , Sortwell (R) , Spiros (R) , Steffen (R) , Swearingen (R) , Tranel (R) , Wichgers (R) , Wittke (R)

16 cosponsors

Ballweg (R) , Bradley (R) , Cabral-Guevara (R) , Felzkowski (R) , Feyen (R) , Jacque (R) , Jagler (R) , Marklein (R) , Nass (R) , Quinn (R) , Rozar, Brooks and Bodden , Stroebel (R) , Testin (R) , Tomczyk (R) , Wanggaard (R) , Wimberger (R)

Votes

Assembly: Report passage recommended by Joint Committee on Finance, Ayes 11, Noes 4

Passed 11–4 Feb 8, 2024 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: PASSAGE

Passed 64–32 Feb 13, 2024 official source full page

Aye · 64

Not voting · 3

Senate: Public hearing requirement waived by committee on Senate Organization, pursuant to Senate Rule 18 (1m), Ayes 3, Noes 2

Passed 3–2 Feb 19, 2024 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Senate Amendment 1 rejected, Ayes 22, Noes 10

Passed 22–10 Feb 20, 2024 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: CONCURRENCE

Passed 23–9 Feb 20, 2024 official source full page

Full history

  1. Jan 29, 2024 · Assembly

    Introduced by Representatives Steffen, Kitchens, Allen, Armstrong, August, Behnke, Binsfeld, Born, Brandtjen, Dittrich, Donovan, Edming, Goeben, Green, Gundrum, Hurd, Katsma, Krug, Kurtz, Macco, Magnafici, Maxey, Melotik, Moses, Murphy, Mursau, Myers, Nedweski, O'Connor, Oldenburg, Penterman, Petryk, Plumer, Rettinger, Schmidt, Schraa, Schutt, Snyder, Sortwell, Spiros, Tranel, Wichgers, Wittke and Swearingen; cosponsored by Senators Cabral-Guevara, Wimberger, Ballweg, Bradley, Jagler, Felzkowski, Feyen, Marklein, Nass, Quinn, Stroebel, Testin, Wanggaard and Tomczyk

  2. Jan 29, 2024 · Assembly

    Read first time and referred to Joint Committee on Finance

  3. Jan 29, 2024 · Assembly

    Read first time and referred to Joint Survey Committee on Tax Exemptions

  4. Feb 1, 2024 · Assembly

    Public hearing held

  5. Feb 7, 2024 · Assembly

    Executive action taken

  6. Feb 8, 2024 · Assembly

    Report passage recommended by Joint Committee on Finance, Ayes 11, Noes 4

  7. Feb 8, 2024 · Assembly

    Referred to committee on Rules

  8. Feb 8, 2024 · Assembly

    Placed on calendar 2-13-2024 by Committee on Rules

  9. Feb 8, 2024 · Assembly

    Executive action taken by joint survey committee on Tax Exemptions

  10. Feb 8, 2024 · Assembly

    Report of Joint Survey Committee on Tax Exemptions received

  11. Feb 13, 2024 · Assembly

    Read a second time

  12. Feb 13, 2024 · Assembly

    Ordered to a third reading

  13. Feb 13, 2024 · Assembly

    Rules suspended

  14. Feb 13, 2024 · Assembly

    Read a third time and passed, Ayes 64, Noes 32

  15. Feb 13, 2024 · Assembly

    Representatives Rozar, Brooks and Bodden added as coauthors

  16. Feb 13, 2024 · Assembly

    Ordered immediately messaged

  17. Feb 14, 2024 · Senate

    Received from Assembly

  18. Feb 14, 2024 · Senate

    Senator Jacque added as a cosponsor

  19. Feb 15, 2024 · Senate

    Fiscal estimate received

  20. Feb 19, 2024 · Senate

    Read first time and referred to committee on Senate Organization

  21. Feb 19, 2024 · Senate

    Available for scheduling

  22. Feb 19, 2024 · Senate

    Public hearing requirement waived by committee on Senate Organization, pursuant to Senate Rule 18 (1m), Ayes 3, Noes 2

  23. Feb 19, 2024 · Senate

    Placed on calendar 2-20-2024 pursuant to Senate Rule 18(1)

  24. Feb 20, 2024 · Senate

    Senate Amendment 1 offered by Senators Wirch, Pfaff, Carpenter, Larson, Hesselbein and Smith

  25. Feb 20, 2024 · Senate

    Read a second time

  26. Feb 20, 2024 · Senate

    Senate Amendment 1 rejected, Ayes 22, Noes 10

  27. Feb 20, 2024 · Senate

    Ordered to a third reading

  28. Feb 20, 2024 · Senate

    Rules suspended to give bill its third reading

  29. Feb 20, 2024 · Senate

    Read a third time and concurred in, Ayes 23, Noes 9

  30. Feb 20, 2024 · Senate

    Ordered immediately messaged

  31. Feb 20, 2024 · Assembly

    Received from Senate concurred in

  32. Feb 21, 2024 · Assembly

    Report correctly enrolled on 2-21-2024

  33. Feb 27, 2024 · Assembly

    Presented to the Governor on 2-27-2024 by directive of the Speaker

  34. Mar 1, 2024 · Assembly

    Report vetoed by the Governor on 3-1-2024

  35. Mar 13, 2024 · Assembly

    Referred to committee on Rules

  36. May 14, 2024 · Assembly

    Placed on calendar 5-14-2024 pursuant to Joint Rule 82 (2)(a)

  37. May 15, 2024 · Assembly

    Failed to pass notwithstanding the objections of the Governor pursuant to Joint Rule 82