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IN HB1229

Bill

Official Source

Status

Introduced

1/11/2016

Primary Sponsor

Lloyd Arnold

Click for details

Origin

House of Representatives

2016 Regular Session

AI Summary

  • Provides an adjusted gross income tax deduction for the first $5,000 of military retirement or survivor's benefits received during the taxable year, excluding such benefits from this cap
  • Creates a full adjusted gross income tax deduction for all military retirement or survivor's benefits received by individuals who served 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, or Indiana Air National Guard
  • Removes the existing age 60 requirement that previously limited the deduction for retirement or survivor's benefits to taxpayers aged 60 or older
  • Excludes individuals whose qualified military income is already subtracted under IC 6-3-1-3.5(a)(19) from claiming the deduction
  • Effective January 1, 2017 for taxable years beginning after December 31, 2016, with provisions effective July 1, 2016 expiring July 1, 2020

Legislative Description

Income tax deduction for military retirees. Exempts all military retirement pay from state and local income taxes and removes the age requirement for the exemption.

Last Action

First reading: referred to Committee on Ways and Means

1/11/2016

Committee Referrals

Ways and Means1/11/2016

Full Bill Text

No bill text available