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Bill > HB461

MD HB461

MD HB461
Income Tax Subtraction Modification - Military and Public Safety Retirement Income

summary

Introduced
01/21/2022
In Committee
01/21/2022
Crossed Over
Passed
Dead
04/11/2022

Introduced Session

2022 Regular Session

Bill Summary

Increasing from $15,000 to $20,000 the amount of certain subtraction modifications under the Maryland income tax for individuals who are at least 55 years of age for certain retirement income received as a result of the individual's military service or attributable to the individual's employment as a correctional officer, a law enforcement officer, or a fire, rescue, or emergency services personnel.

AI Summary

This bill increases from $15,000 to $20,000 the amount of certain income tax subtraction modifications for individuals who are at least 55 years of age and receive retirement income as a result of their military service or employment as a correctional officer, law enforcement officer, or fire, rescue, or emergency services personnel. The bill also includes the first $20,000 of income from an employee retirement system that is attributable to service as a public safety employee, if the individual is at least 55 years old.

Committee Categories

Budget and Finance

Sponsors (20)

Last Action

House Ways and Means Hearing (13:00 2/16/2022 ) (on 02/16/2022)
(2 Companion Bills)

bill text

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bill summary

Document Type Source Location Created
State Bill Page https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0461?ys=2022RS 01/27/2022
BillText https://mgaleg.maryland.gov/2022RS/bills/hb/hb0461f.pdf 01/28/2022
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