HB 1042 Summary

• Increases the military income tax deduction from $5,000 to $7,000 in a phased approach over three years
• Deduction for taxable year 2010 is $5,000; for 2011 is $6,000; and for 2012 and thereafter is $7,000
• Eliminates the minimum age requirement of 60 years old for individuals to claim military pension and survivor's benefits deductions
• Applies retroactively to taxable years beginning January 1, 2010
• Declares an emergency for implementation of the act