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IN HB1078

Bill

Official Source

Status

Introduced

1/6/2015

Primary Sponsor

Karlee Macer

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Increases the Indiana adjusted gross income tax deduction for military income from $5,000 to $10,000 per taxable year
  • Applies to income including retirement or survivor's benefits received for service in active or reserve components of U.S. armed forces (Army, Navy, Air Force, Coast Guard, Marine Corps, Merchant Marine, Indiana Army National Guard, or Indiana Air National Guard)
  • Restricts retirement or survivor's benefits deduction to individuals age 60 or older on the last day of their taxable year
  • Excludes individuals whose qualified military income is subtracted from federal adjusted gross income under IC 6-3-1-3.5(a)(21) from claiming the deduction
  • Effective for taxable years beginning after December 31, 2015

Legislative Description

Income tax deduction for military income. Increases the income tax deduction for military income (including military retirement income) from $5,000 to $10,000.

Last Action

Authored by Representative Macer

1/6/2015

Committee Referrals

Ways and Means1/6/2015

Full Bill Text

No bill text available