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IN HB1024
Bill
Status
Introduced
1/5/2010
Primary Sponsor
Peggy Welch
Click for details
AI Summary
- Provides a 100% Indiana income tax deduction for federal civil service annuity income received by an individual or their surviving spouse, beginning in tax year 2014
- Phases in the deduction over four years: 20% in 2010, 40% in 2011, 60% in 2012, and 80% in 2013
- Includes a minimum deduction floor of $12,000 during the phase-in period (2010-2013), meaning taxpayers receive the greater of the phase-in percentage or $12,000
- Eliminates the previous requirement that recipients be at least 62 years old and removes the prior $2,000 deduction cap and offset for Social Security/railroad retirement benefits
- Takes effect retroactively to January 1, 2010 and is declared an emergency measure
Legislative Description
Taxation of civil service annuities.
Last Action
Representative Goodin added as coauthor
1/25/2010
Full Bill Text
No bill text available