summary
Introduced
01/09/2020
01/09/2020
In Committee
01/09/2020
01/09/2020
Crossed Over
Passed
Dead
03/18/2020
03/18/2020
Introduced Session
2020 Regular Session
Bill Summary
Including income from certain retirement plans within a certain subtraction modification allowed under the Maryland income tax for certain individuals who are at least a certain age or who are disabled or whose spouse is disabled; altering the maximum amount of the subtraction modification beginning in taxable year 2020; providing that income included in certain subtraction modifications may not be taken into account for purposes of the subtraction modification for retirement income; etc.
AI Summary
This bill expands the subtraction modification allowed under the Maryland income tax for certain individuals who are at least 65 years old, totally disabled, or retired correctional officers, law enforcement officers, or fire, rescue, or emergency services personnel. Starting in the 2020 tax year, the bill allows a subtraction of up to 30% of the total income from a qualified retirement plan, increasing to 60% in 2021 and 100% in 2022 and beyond. The bill also clarifies that income included in other subtraction modifications cannot be counted for this subtraction.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Hearing 1/28 at 1:15 p.m. (on 01/28/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0061?ys=2020RS |
| BillText | http://mgaleg.maryland.gov/2020RS/bills/hb/hb0061f.pdf |
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