Bill > SB269

This bill, known as the "Hometown Heroes Act", alters the Maryland income tax subtraction modification for retirement income. It lowers the age at which a resident is eligible for the subtraction from 55 to 50 years old, if the resident is a retired correctional officer, law enforcement officer, or fire, rescue, and emergency services personnel of the United States, the State, or a political subdivision. The bill also changes the amount of eligible retirement income that can be included in the subtraction, increasing it from the first $15,000 to 50% or 100% of the eligible amount, depending on the tax year. The changes apply to taxable years beginning after December 31, 2019.

Budget and Finance

http://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0269?ys=2020RS