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]
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.
Title
Income tax exemptions.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2012-01-09 | First reading: referred to Committee on Ways and Means | |
2012-01-09 | Authored by Representative VanDenburgh |
Indiana State Sources
Type | Source |
---|---|
Summary | http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2012&session=1&request=getBill&doctype=HB&docno=1256 |
Text | http://www.in.gov/legislative/bills/2012/IN/IN1256.1.html |