IN SB0409

Expands Indiana's military pay income tax exemption to include members of active components of the United States armed forces, effective January 1, 2012 (retroactive).

Current law exempts only military pay earned by National Guard and reserve component members while serving on active duty; this bill adds active duty members of regular armed forces to the exemption.

Applies to taxable years beginning after December 31, 2011.

Declares an emergency for the act's implementation.