Bill > HB1046

This bill, known as the Hometown Heroes Act of 2019, alters the Maryland income tax subtraction modification to allow certain retired public safety employees to exclude a portion of their retirement income from state taxation. The key provisions are: 1. It defines a "qualified retired public safety employee" as an individual who is at least 55 years old (for tax years starting before 2020) or 50 years old (for tax years starting in 2020 and later) and is a retired correctional officer, law enforcement officer, or fire/rescue/emergency services worker of the U.S., Maryland, or a Maryland political subdivision. 2. It allows these qualified retired public safety employees to subtract from their federal adjusted gross income the lesser of their total retirement income from an eligible employee retirement system or the maximum annual Social Security benefit, minus any Social Security benefits received. 3. It limits the subtraction to the first $15,000 of eligible retirement income for tax years starting before 2020, and gradually increases the limit to 50% of eligible income for 2019-2020 and 100% of eligible income for 2021 and later. The bill is intended to provide tax relief for retired public safety personnel in Maryland.

Budget and Finance

http://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1046?ys=2019rs