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IN HB1619
Bill
Status
1/23/2017
Primary Sponsor
Mike Speedy
Click for details
AI Summary
HB 1619 Summary
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Provides a 100% income tax deduction for all military service income, including retirement and survivor's benefits, received by individuals or their surviving spouses.
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Defines "military service income" as all income received for service 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.
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Removes the minimum age requirement (previously 60 years old) for deducting military retirement or survivor's benefits.
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Prevents double deductions by denying deductions for military income already subtracted from federal adjusted gross income under IC 6-3-1-3.5(a)(19).
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Effective July 1, 2017, and applies to taxable years beginning after December 31, 2017.
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
First reading: referred to Committee on Ways and Means
1/23/2017