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IN HB1206
Bill
Status
1/10/2017
Primary Sponsor
Lloyd Arnold
Click for details
AI Summary
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Provides a 100% Indiana state income tax deduction for all military service income received by individuals or their surviving spouses, effective January 1, 2018.
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Redefines "military service income" to include all income, including retirement or survivor's benefits, from service in any active or reserve component of the U.S. armed forces (Army, Navy, Air Force, Coast Guard, Marine Corps, Merchant Marine) or Indiana National Guard.
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Repeals the previous $5,000 income cap on military service deductions and removes the age restriction (previously requiring age 60+) for retirement and survivor's benefits.
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Amends IC 6-3-1-3.5 to add military service income deduction as a subtraction from federal adjusted gross income for individuals and corporations.
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Applies to taxable years beginning after December 31, 2017, with the amended provision set to expire July 1, 2021.
Legislative Description
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. Repeals superseded provision.
Last Action
First reading: referred to Committee on Ways and Means
1/10/2017