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IN HB1209
Bill
Status
1/13/2015
Primary Sponsor
Lloyd Arnold
Click for details
AI Summary
HB 1209 Summary
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Provides an income tax deduction for all retirement or survivor's benefits received by resident individual taxpayers for service in active or reserve components of U.S. armed forces, including Army, Navy, Air Force, Coast Guard, Marine Corps, Merchant Marine, Indiana Army National Guard, and Indiana Air National Guard.
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Allows resident individual taxpayers employed in Indiana for at least 20 years and residing in Indiana for at least 20 years to deduct all federal civil service retirement and disability benefits.
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Extends deduction eligibility to retirement and disability benefits from four Indiana state retirement systems: the public employees' retirement fund, Indiana state teachers' retirement fund, state excise police/gaming/conservation enforcement officers' retirement plan, and the Indiana state police department trust fund and pension trust.
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Requires taxpayers to be at least 60 years of age to claim deductions for military retirement or survivor's benefits, and at least 62 years of age for federal civil service benefits.
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Effective January 1, 2016, with the new provisions expiring January 1, 2019.
Legislative Description
Income tax deductions. Provides an income tax deduction for all retirement or survivor's benefits that are received by a resident individual taxpayer for service in an active or reserve component of the armed forces of the United States, including the army, navy, air force, coast guard, marine corps, merchant marine, Indiana army national guard, or Indiana air national guard. Provides that a resident individual taxpayer who was employed in Indiana for at least 20 years and has resided in Indiana for at least 20 years is entitled to an income tax deduction for all federal civil service benefits received by
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015