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IN SB0328
Bill
Status
1/9/2017
Primary Sponsor
Michael Delph
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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Eliminates the previous $5,000 deduction cap and removes the minimum age requirement of 60 years old for claiming military pension deductions.
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Defines "military service income" as all income received for service in active or reserve components of the U.S. Armed Forces, including the Army, Navy, Air Force, Coast Guard, Marine Corps, Merchant Marine, Indiana Army National Guard, and Indiana Air National Guard.
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Prevents double deductions by prohibiting individuals from claiming deductions under this section for qualified military income already subtracted under IC 6-3-1-3.5(a)(19).
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Takes effect 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 Tax and Fiscal Policy
1/9/2017