summary
Introduced
01/23/2023
01/23/2023
In Committee
01/23/2023
01/23/2023
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 Retirement FOR the purpose of allowing a subtraction under the Maryland income tax for a certain amount of military retirement income received by an individual during the taxable year if the individual has received a certain determination of a service-connected disability; and generally relating to a subtraction modification under the Maryland income tax for military 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) Annotated Code of Maryland (2022 Replacement Volume)
AI Summary
This bill allows a subtraction from Maryland income tax for up to $20,000 of military retirement income received during the taxable year if the individual has been declared by the U.S. Department of Veterans Affairs to have a permanent 100% service-connected disability. This expands the existing subtraction modification for military retirement income, which currently allows a subtraction of up to $5,000 for individuals under age 55 and up to $15,000 for individuals age 55 and over. The bill takes effect on July 1, 2023 and applies to all taxable years beginning after December 31, 2022.
Committee Categories
Budget and Finance
Sponsors (13)
Nick Charles (D)*,
Nick Allen (D),
Heather Bagnall (D),
Jason Buckel (R),
Kris Fair (D),
Brooke Grossman (D),
Kevin Harris (D),
Shaneka Henson (D),
Jeff Long (D),
Teresa Reilly (R),
Deni Taveras (D),
Kym Taylor (D),
Chris Tomlinson (R),
Last Action
House Ways and Means Hearing (13:00:00 2/9/2023 ) (on 02/09/2023)
Taxonomy
Defense
- ‐ Veterans Affairs
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/HB0227?ys=2023RS | 01/24/2023 |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/hb/hb0227f.pdf | 01/24/2023 |
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