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MD HB15

MD HB15
Income Tax Subtraction Modification - Military and Public Safety Retirement Income

summary

Introduced
01/11/2023
In Committee
01/11/2023
Crossed Over
Passed
Dead
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 alters the amount of certain income tax subtraction modifications for individuals who are at least 55 years old and receive retirement income from military service or employment as a public safety employee, such as a correctional officer, law enforcement officer, or fire, rescue, or emergency services personnel. Specifically, the bill increases the subtraction for military retirement income from $15,000 to $20,000 and the subtraction for public safety employee retirement income from $15,000 to $17,500 in 2023 and $20,000 in 2024 and beyond. The bill applies to taxable years beginning after December 31, 2022 and takes effect on July 1, 2023.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

House Ways and Means Hearing (13:00:00 2/2/2023 ) (on 02/02/2023)

Taxonomy

Defense
  • ‐ Veterans Affairs
Law, Crime, and Family Issues
  • ‐ Police, Fire, and Law Enforcement
Macroeconomics
  • ‐ Taxation, Tax Policy, and Tax Reform
(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/HB0015?ys=2023RS 01/10/2023
BillText https://mgaleg.maryland.gov/2023RS/bills/hb/hb0015f.pdf 01/10/2023
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