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IN HB1186
Bill
Status
1/10/2017
Primary Sponsor
Randall Frye
Click for details
AI Summary
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Provides a 100% adjusted gross income tax deduction for all military service income, including retirement and survivor's benefits, received by an individual or their surviving spouse.
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Expands the definition of "military service income" to include all income from service in active or reserve components of the U.S. Armed Forces (army, navy, air force, coast guard, marine corps, merchant marine, Indiana Army National Guard, or Indiana Air National Guard).
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Removes the minimum age requirement of 60 years old that previously applied to military pension and survivor's benefit deductions.
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Prevents double deductions by prohibiting individuals from deducting the same military income that is already subtracted under federal qualified military income provisions.
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Effective for taxable years beginning after December 31, 2017, with the amendment expiring January 1, 2021.
Legislative Description
Exemption for military service income. Provides a 100% 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 a military pension benefit.
Last Action
Representatives Bartlett, Zent, Leonard added as coauthors
1/24/2017