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IN SB0419
Bill
AI Summary
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Phases out the $6,250 cap on Indiana income tax deductions for military retirement and survivor's benefits over four years, reaching full exemption by 2022
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Deduction phase-in schedule: 25% of benefits above $6,250 deductible in 2019, 50% in 2020, 75% in 2021, and 100% after December 31, 2021
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Applies to veterans and surviving spouses who received retirement or survivor's benefits from service in active or reserve components of the U.S. armed forces
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Maintains separate $5,000 deduction for active military service income (excluding retirement benefits)
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Effective January 1, 2019 (retroactive), with emergency declaration for immediate implementation
Legislative Description
Income tax exemption for veterans. For taxable years beginning after 2018, phases out the limitation on the deduction from an individual's adjusted gross income for income from retirement or survivor's benefits received by the 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.
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/14/2019