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IN HB1610
Bill
Status
1/23/2017
Primary Sponsor
Peggy Mayfield
Click for details
AI Summary
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Amends IC 6-3-2-4 to provide an adjusted gross income tax deduction for military pay and allowances equal to the annual compensation received by a staff sergeant (E-7) or equivalent rank in any branch of the armed forces.
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Deduction applies to individuals and surviving spouses for active or reserve component service in the Army, Navy, Air Force, Coast Guard, Marine Corps, Merchant Marine, Indiana Army National Guard, or Indiana Air National Guard.
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Individuals under age 60 on the last day of the taxable year are ineligible for the deduction regarding retirement or survivor's benefits.
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Individuals whose qualified military income is already subtracted under IC 6-3-1-3.5(a)(19) are not entitled to this deduction.
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Effective for taxable years beginning after December 30, 2017, with the provision expiring July 1, 2021.
Legislative Description
Income tax deduction for military income. Provides for an income tax deduction for military income equal to the annual military pay and allowances received by a staff sergeant with the rank of (E-7) in the armed forces of the United States or an officer or enlisted person of the same rank or grade in the service of the armed forces of the United States.
Last Action
First reading: referred to Committee on Ways and Means
1/23/2017