IN HB1256 | 2012 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 9 2012 - 25% progression, died in committee
Action: 2012-01-09 - First reading: referred to Committee on Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Provides that income received by an individual who is at least 65 years of age (or by the spouse of such a taxpayer in the case of a joint return) is exempt from state income tax if the individual's household federal adjusted gross income for the taxable year is not more than $50,000. Provides that a taxpayer who claims this exemption for a taxable year is not entitled to claim any other deduction, exemption, or credit from the adjusted gross income tax for that taxable year. Provides that an individual who is at least 65 years of age and does not claim such an exemption is entitled to a $500 state income tax exemption (rather than a $1,000 exemption under current law). Deletes the current $500 income tax exemption for elderly taxpayers with an adjusted gross income of less than $40,000. Provides a $1,000 state income tax exemption for taxpayers who are totally deaf. Makes technical corrections.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

Income tax exemptions.

Sponsors


History

DateChamberAction
2012-01-09 First reading: referred to Committee on Ways and Means
2012-01-09 Authored by Representative VanDenburgh

Indiana State Sources


Bill Comments 750

feedback