Bill > SB573

This bill, known as the Hometown Heroes Act, alters the Maryland income tax subtraction modification for retirement income attributable to employment as a correctional officer, law enforcement officer, or fire, rescue, or emergency services personnel. Specifically, it lowers the age eligibility for the subtraction from 55 to 50 years old, and it increases the amount of eligible retirement income that can be subtracted, from the first $15,000 to 50% in 2021 and 100% in 2022 and beyond. The bill also expands the definition of eligible employment to include federal facilities equivalent to state or local correctional facilities or juvenile facilities. The changes apply to taxable years beginning after December 31, 2020.