Introduced Version






HOUSE BILL No. 1355

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-3-2-4.

Synopsis: Tax deduction for active duty military income. Provides that an individual who is serving on active duty in the armed forces of the United States is entitled to an adjusted gross income tax deduction equal to the entire amount of the income received by the individual for the individual's active duty service.

Effective: January 1, 2002.





Duncan




    January 11, 2001, read first time and referred to Committee on Ways and Means.







Introduced

First Regular Session 112th General Assembly (2001)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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HOUSE BILL No. 1355



    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 6-3-2-4; (01)IN1355.1.1. -->     SECTION 1. IC 6-3-2-4 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2002]: Sec. 4. (a) Each taxable year, an individual who is serving on active duty in the armed forces of the United States, including the army, navy, air force, coast guard, marine corps, merchant marine, Indiana army national guard, or Indiana air national guard, is entitled to an adjusted gross income tax deduction equal to the entire amount of the income received during the taxable year by the individual for the individual's active duty service in the armed forces.
     (b) Each taxable year, an individual or the individual's surviving spouse is entitled to an adjusted gross income tax deduction for the first two thousand dollars ($2,000) of income other than income received for active duty service, including retirement or survivor's benefits, received during the taxable year 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, including the army, navy, air force, coast guard, marine corps, merchant marine,

Indiana army national guard, or Indiana air national guard. However, a person who is less than sixty (60) years of age on the last day of the person's taxable year is not, for that taxable year, entitled to a deduction under this section for retirement or survivor's benefits.

SOURCE: ; (01)IN1355.1.2. -->     SECTION 2. [EFFECTIVE JANUARY 1, 2002] IC 6-3-2-4 , as amended by this act, applies only to taxable years beginning after December 31, 2001.