Bill > SB130

This bill proposes to expand the income tax subtraction modification for military and public safety retirement income in Maryland. Specifically, it would increase the subtraction for military retirement income from $15,000 to $20,000 for individuals aged 55 and older, and create a new $20,000 subtraction for retirement income from an employee retirement system that is attributable to service as a public safety employee (such as a correctional officer, law enforcement officer, or firefighter/EMT) for individuals aged 55 and older. The bill would be applicable to taxable years beginning after December 31, 2021, with some provisions taking effect in later years.