Loading chat...
IN HB1246
Bill
Status
1/13/2015
Primary Sponsor
Timothy Harman
Click for details
AI Summary
-
Amends Indiana Code Section 6-3-1-3.5 to exclude pension and benefit income from the 1925 police pension fund from Indiana adjusted gross income calculations.
-
Applies to individuals receiving pensions, survivor benefits, or insurance benefits as members, surviving spouses, or beneficiaries of the 1925 fund (as defined in IC 36-8-1-2).
-
Effective retroactively on January 1, 2015, applying to taxable years beginning after December 31, 2014.
-
Adds subdivision (33) to the individual income adjustment provisions in the adjusted gross income definition statute.
Legislative Description
Police pension exemption. Provides that an individual's Indiana adjusted gross income excludes income that is attributable to a pension or other benefit received from the 1925 police pension fund.
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015