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IN SB0565
Bill
Status
1/18/2017
Primary Sponsor
James Tomes
Click for details
AI Summary
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Increases the Indiana military income tax deduction from $5,000 to $7,500 per taxable year for individuals and surviving spouses.
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Applies the deduction to income including retirement or survivor's benefits received for service in active or reserve components of the U.S. Armed Forces, Army National Guard, or Air National Guard.
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Restricts the deduction for retirement or survivor's benefits to individuals who are at least 60 years of age on the last day of their taxable year.
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Prevents individuals who subtract qualified military income under federal tax provisions from also claiming the state deduction for that same qualified military income.
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Effective July 1, 2017 for taxable years beginning after December 31, 2017, with the amendment expiring January 1, 2020.
Legislative Description
Military income tax deduction. Increases to $7,500 the amount of the military income tax deduction, including retirement or survivor's benefits received during the taxable year by an individual, or the individual's surviving spouse, for the individual's service in an active or reserve component of the armed forces of the United States, including the army, navy, air force, coast guard, marine corps, merchant marine, Indiana army national guard, or Indiana air national guard.
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/18/2017