Military service deduction; retirement income or survivor's
benefits; age limit of 60
Sec. 4. 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,
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.
As added by Acts 1977, P.L.78, SEC.3. Amended by P.L.76-1985,
SEC.2.
Last modified: May 28, 2006