Military retirement and survivor benefit income are now fully exempt from Indiana's income tax.
Indiana Governor Eric Holcomb was joined by military veterans as he signed House Enrolled Act 1010 at the Indiana State Fair on Monday, August 5. Public domain photo.
(Indianapolis, Ind.) - Veterans in Indiana don't have to worry about income taxes on their pensions or other military benefits.
Governor Eric Holcomb ceremonially signed a new law Monday at the Indiana State Fair.
It gives former service members a tax break. House Enrolled Act 1010 allows a 100 percent income tax deduction on military retirement or survivor's benefits beginning this year. The exemption also applies to military spouses.
RELATED: LEGION Act Could Help Boost Post Numbers
Lawmakers approved the law with the hope that the tax break will keep more veterans in Indiana after they stop working.
The tax exemption will reduce the State of Indiana’s income tax revenue by about $15 million per year, according to a fiscal analysis of the law by the non-partisan Legislative Services Agency.
RELATED STORIES:
Genesis Celebrates Science Behind Baking Camp
Clearinghouse Basket Raffle Supports Local Residents in Need
Oldenburg Museum Opens This Weekend
“The Burg Big Dill” Pickleball Festival and Tournament Will Benefit Lawrenceburg Young Life
NWS Issues Flash Flood Watch for Tri-State Area
Rising Sun Regional Foundation Awards $47,000 in Scholarships
Comments
Add a comment