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IN HB1077
Bill
Status
Introduced
1/6/2015
Primary Sponsor
Edward Clere
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AI Summary
- Replaces the fixed $2,000 deduction for federal civil service annuities with a deduction equal to the lesser of the annuity income received or the average annual Social Security benefit paid to Indiana retirees from the prior year
- Reduces the deduction by any Social Security benefits and railroad retirement benefits received by the taxpayer during the taxable year
- Extends the deduction eligibility to surviving spouses of federal civil service annuity recipients
- Maintains the age 62 requirement for individual taxpayers, but exempts surviving spouses from the age requirement
- Effective retroactively to January 1, 2015, with the amendment provision expiring January 1, 2018
Legislative Description
Taxation of civil service annuities. Provides that the maximum state income tax deduction for federal civil service annuity income is equal to the lesser of: (1) the amount of federal civil service annuity income received during the taxable year; or (2) the average annual federal Social Security retirement benefit paid to Indiana retired workers during the calendar year preceding the taxpayer's taxable year. Retains the provision that reduces the deduction by the amount of any federal Social Security and railroad retirement benefits received by the taxpayer during the taxable year. Provides that the deduction is also available to a surviving
Last Action
Authored by Representative Clere
1/6/2015
Committee Referrals
Ways and Means1/6/2015
Full Bill Text
No bill text available