Hello and thank you for the information and your question. As you may have discovered, Italy no longer has compulsory military service for most. In case you have not seen this information, below is an excerpt of the relevant information as it relates to military service for Italian citizens. There is a catch of sorts, for men born between 1976 and 1985, which I believe you would be. However, as long as you are not living in Italy, you could not be made to serve. You will though need to fill out a form that your local Italian Consulate should have to gain your exemption if there is such an action.
As you can imagine, especially in Italy, it would be a very remote chance that there would ever be another draft, since the legislature would have to actually reinstate the draft. In Italy, that would just be the longest of long shots. I say this knowing Italy well as my mother was Italian, I am a dual citizen and have spent much of my time there. But again, since you are in the U.S., you would be exempt after filling out the necessary form I referred to. Just like you are exempt from their taxes at this time. Please feel free to ask for clarification if needed.
On May 8, 2001, the Italian government passed a law (Art. 7 del D. Lgs. 8 maggio 2001 n. 215) making military service completely voluntary as of January 1, 2007. Females do not have any military obligations, nor does any male born on or after January 1, 1986. If you have already served in the US military or you are forty-five years or older, you do not have to serve in the Italian military. If you are twenty-seven or older and younger than forty-five, you can avoid military service by filling out some paperwork. If you are a male born between 1976 and December 31, 1985 and you want to live in Italy, in theory you are obliged to complete your military service unless you are enrolled in a university. Work exemptions also exist for those who meet certain qualifications (e.g. independent business-owners or members of a family business). We feel that, in reality, LEVA (the bureau regulating mandatory military service) is slowly winding down and is no longer tracking newly-recognized male Italian citizens for military service.