Senate Bill 155 Summary

• Expands the Indiana income tax exemption for military pay to include members of active components of the United States armed forces, in addition to the existing exemption for National Guard and reserve component members on active duty.

• Maintains the existing exemption for reserve component and National Guard members serving on involuntary orders, during mobilization and deployment, or while their National Guard unit is federalized.

• Effective retroactively to January 1, 2013 for taxable years beginning after December 31, 2012.

• Amends IC 6-3-1-34 to redefine "qualified military income" to include active component military pay without time or service condition limitations.

• Includes an emergency declaration and sunset provision expiring July 1, 2016.