SB0592 (CH0125)

Find a 2015 Bill:

2015 Regular Session

 

Entitled:

Income Tax - Subtraction Modification - Military Retirement Income - Individuals at Least 65 Years Old

Sponsored by:

President

Status:

Approved by the Governor - Chapter 125


Synopsis:Increasing from $5,000 to $10,000 a subtraction modification under the State income tax for specified military retirement income for individuals who are at least 65 years old on the last day of the taxable year; and applying the Act to all taxable years beginning after December 31, 2014.
Analysis:Fiscal and Policy Note (Revised)
All Sponsors:The President (By Request - Administration) and Senators Peters, Astle, Bates, Cassilly, Eckardt, Edwards, Hershey, Hough, Jennings, Klausmeier, Mathias, Norman, Ready, Reilly, Salling, Serafini, Simonaire, Waugh, Currie, DeGrange, Manno, McFadden, and Muse
Additional Facts:Cross-filed with: HB0482
Bill File Type: Regular
Effective Date(s): July 1, 2015
By Request of the Governor
Committee(s):
Budget and Taxation  View Committee HearingWays and Means  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Armed Forces -see also- Military Department; Veterans
Exemptions
Income Tax
Retirement Systems -see also- Mandatory Retirement
Veterans
Statutes:Article - Tax - General
(10-207)

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November 20, 2015 7:25 P.M.