Veterans in Indiana will soon no longer have to pay state income taxes on their military retirement income and survivors benefits.

Gov. Eric Holcomb signed House Bill 1010 into law Monday, Aug. 5, at the Indiana State Fair.

The newly signed law will be a big help to military veterans and their dependents. It exempts their retirement income and survivors benefits from the state income tax.

Lawmakers hope that the exemption will keep more veterans in Indiana and lure them here from other states.

The exemption will reduce state revenue by about $15 million a year, according to the non-partisan Legislative Services Agency.

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