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Bill Title: 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. Increases 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. Provides that the increase is phased in over a five year period so that for taxable years beginning after December 31, 2023, the maximum amount of the deduction is equal to 12 times the monthly basic pay received as of July 1, 2018, by a member of the armed forces of the United States who: (1) served at the pay grade of E-7 on July 1, 2018; and (2) had nine years of service as of July 1, 2018. (Current law allows a deduction against the first $5,000 received for military service and a deduction of $6,250 for income received from retirement or survivor benefits.)

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Introduced - Dead) 2019-01-03 - First reading: referred to Committee on Ways and Means [HB1095 Detail]

Download: Indiana-2019-HB1095-Introduced.pdf

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