Iowa Admin. Code r. 701-302.35

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 701-302.35 - Exemption of Agent Orange settlement proceeds received by disabled veterans or beneficiaries of disabled veterans

For tax years beginning on or after January 1, 1989, proceeds from settlement of a lawsuit against the manufacturer or distributor of a Vietnam herbicide received by a disabled veteran or the beneficiary of a disabled veteran for damages from exposure to the herbicide are exempt from Iowa income tax to the extent the proceeds are included in federal adjusted gross income. For purposes of this rule, Vietnam herbicide means a herbicide, defoliant, or other causative agent containing a dioxin, including, but not limited to, Agent Orange used in the Vietnam conflict beginning December 22, 1961, and ending May 7, 1975.

This rule is intended to implement Iowa Code section 422.7.

Editorial change: IAC Supplement 11/2/22