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IN HB1140

Bill

Official Source

Status

Introduced

1/10/2013

Primary Sponsor

Karlee Macer

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Phases in an increase of the military income tax deduction from $5,000 to $7,000 over three years: $5,000 for tax years beginning in 2013, $6,000 for 2014, and $7,000 for 2015 and thereafter.
  • Removes the minimum age requirement (previously 60 years old) for individuals to claim a tax deduction for military retirement or survivor's benefits.
  • Applies retroactively to taxable years beginning January 1, 2013.
  • Defines "military service related income" to include retirement or survivor's benefits from active or reserve service in U.S. armed forces, Indiana National Guard, or merchant marine.
  • Excludes individuals claiming qualified military income as a federal adjusted gross income subtraction from using this deduction.

Legislative Description

Military income tax deduction.

Last Action

First reading: referred to Committee on Ways and Means

1/10/2013

Committee Referrals

Ways and Means1/10/2013

Full Bill Text

No bill text available