Bill > HB735

This bill, known as the Hometown Heroes Act, makes the following key changes: 1. It lowers the age requirement from 55 to 50 years old for retired correctional officers, law enforcement officers, and fire, rescue, and emergency services personnel of the U.S., Maryland, or a Maryland political subdivision to claim a subtraction modification on their Maryland income taxes for their retirement income. 2. It alters the amount of retirement income that can be included in the subtraction modification, increasing it from the first $15,000 to 50% of the eligible income for tax years 2021, and 100% of the eligible income for tax years 2022 and beyond. 3. The bill applies to taxable years beginning after December 31, 2020.