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IN SB0132
Bill
Status
1/6/2015
Primary Sponsor
Ronnie Alting
Click for details
AI Summary
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Provides a 100% state income tax deduction for all military service income, including active duty pay, retirement benefits, and survivor's benefits received by individuals or their surviving spouses.
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Expands the definition of "military service income" to include all income from service in the U.S. armed forces (Army, Navy, Air Force, Coast Guard, Marine Corps, Merchant Marine) and Indiana National Guard units.
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Removes the previous age 60 minimum requirement for claiming deductions on military retirement or survivor's benefits.
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Excludes from the deduction any qualified military income that is already subtracted from federal adjusted gross income under IC 6-3-1-3.5(a)(21) to prevent double deductions.
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Effective for taxable years beginning after December 31, 2015, with the amendment expiring January 1, 2019.
Legislative Description
State income tax exemption for military income. Provides a 100% state income tax deduction for all military service income received by an individual or the individual's surviving spouse. Removes the minimum age requirement for an individual to deduct income received as retirement or survivor's benefits for military service.
Last Action
Senator Delph added as second author
1/6/2015