Bill
Bill > SB83
summary
Introduced
01/11/2023
01/11/2023
In Committee
01/11/2023
01/11/2023
Crossed Over
Passed
Dead
04/10/2023
04/10/2023
Introduced Session
2023 Regular Session
Bill Summary
AN ACT concerning Income Tax Subtraction Modification - Military and Public Safety Retirement Income FOR the purpose of altering the amount of certain subtraction modifications under the Maryland income tax for individuals who are at least a certain 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; and generally relating to subtraction modifications under the Maryland income tax for retirement income. BY repealing and reenacting, without amendments, Article - Tax - General Section 10-207(a) Annotated Code of Maryland (2022 Replacement Volume) BY repealing and reenacting, with amendments, Article - Tax - General Section 10-207(q) and (mm) Annotated Code of Maryland (2022 Replacement Volume)
AI Summary
This bill aims to increase the amount of certain subtraction modifications under the Maryland income tax for individuals who are at least 55 years old 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. Specifically, it would increase the subtraction amount for military retirement income from $15,000 to $20,000 and the subtraction amount for retirement income from an employee retirement system attributable to service as a public safety employee from $15,000 to $17,500 in 2023 and $20,000 in 2024 and beyond. The bill would apply to all taxable years beginning after December 31, 2022 and take effect on July 1, 2023.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Budget and Taxation Hearing (13:00:00 1/19/2023 ) (on 01/19/2023)
Taxonomy
Defense
- ‐ Veterans Affairs
Law, Crime, and Family Issues
- ‐ Police, Fire, and Law Enforcement
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0083?ys=2023RS | 01/10/2023 |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/sb/sb0083f.pdf | 01/10/2023 |
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