Loading chat...
IN SB0521
Bill
Status
1/17/2017
Primary Sponsor
James Smith
Click for details
AI Summary
-
Allows individuals and surviving spouses an adjusted gross income tax deduction for the first $5,000 of military retirement or survivor's benefits received for service in U.S. armed forces components including Army, Navy, Air Force, Coast Guard, Marine Corps, Merchant Marine, Indiana Army National Guard, or Indiana Air National Guard.
-
Adds a new deduction for all military retirement or survivor's benefits income (with no dollar limit) received by individuals and surviving spouses.
-
Removes the age 60 requirement that previously restricted the retirement and survivor's benefits deduction to taxpayers age 60 or older.
-
Excludes individuals who subtract qualified military income from federal adjusted gross income under IC 6-3-1-3.5(a)(19) from claiming the deduction under this section.
-
Effective for taxable years beginning after December 31, 2017, with the amendment provisions expiring July 1, 2021.
Legislative Description
Tax deduction for military income. Provides an income tax deduction for all military retirement and survivor's benefits and removes the age requirement for the deduction.
Last Action
Senator Niezgodski added as coauthor
2/14/2017