SB 334 Summary

• Phases in an increase of the military income tax deduction from $5,000 to $9,000 over three years, starting with $6,000 for tax year 2010, $7,500 for 2011, and $9,000 for 2012 and thereafter.

• Lowers the minimum age requirement to claim a military pension or retirement benefit deduction from age 60 to age 55.

• Applies to individuals receiving income, including retirement or survivor's benefits, from service in the U.S. armed forces or Indiana National Guard.

• Effective retroactively to January 1, 2010.

• Declares an emergency for the act.