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IN HB1200
Bill
Status
1/9/2018
Primary Sponsor
Shane Lindauer
Click for details
AI Summary
HB 1200 Summary
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Increases Indiana income tax deduction for military service income from $5,000 to 12 times the monthly basic pay of an E-7 with 9 years of service as of July 1, 2017.
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Increases Indiana income tax deduction for military retirement and survivor benefits from $6,250 to 12 times the monthly basic pay of an E-7 with 9 years of service as of July 1, 2017.
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Excludes qualified military income already subtracted under IC 6-3-1-3.5(a)(19) from receiving double deductions.
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Applies to taxable years beginning after December 31, 2018, with an expiration date of January 1, 2021.
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Amends IC 6-3-2-4 and was referred to the Committee on Ways and Means on January 9, 2018.
Legislative Description
Income tax deduction for military income. Provides that income received for military service (other than qualified military income) or received as a retirement or a survivor's benefit paid because of an individual's military service is wholly deductible if the amount of the income is less than the specified maximum amount. Specifies that the maximum amount of the deduction for income received for military service (other than qualified military income) or received as a retirement or a survivor's benefit paid because of an individual's military service is equal to 12 times the monthly basic pay received as of July 1, 2017,
Last Action
First reading: referred to Committee on Ways and Means
1/9/2018