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IN HB1267

Bill

Official Source

Status

Introduced

1/14/2013

Primary Sponsor

Wendy McNamara

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Creates a new Indiana adjusted gross income tax deduction for military retirement pension income, phased in over five years starting January 1, 2014
  • Phase-in schedule allows deduction of 20% in 2014, 40% in 2015, 60% in 2016, 80% in 2017, and 100% for taxable years beginning after December 31, 2017
  • Applies to retirement pensions received for service in any branch or reserve component of the United States military
  • Individuals claiming the new military retirement pension deduction cannot also claim the existing $5,000 deduction for military income under IC 6-3-2-4 for the same income
  • The existing military income deduction (up to $5,000) remains available for other military income and retirement benefits for those age 60 or older who do not claim the new pension deduction

Legislative Description

Deduction for military retirement pension income.

Last Action

Representatives Crouch, Messmer and Baird added as coauthors

1/15/2013

Committee Referrals

Ways and Means1/14/2013

Full Bill Text

No bill text available