summary
Introduced
02/03/2023
02/03/2023
In Committee
02/03/2023
02/03/2023
Crossed Over
Passed
Dead
04/10/2023
04/10/2023
Introduced Session
2023 Regular Session
Bill Summary
AN ACT concerning Retirement Tax Elimination Act of 2023 FOR the purpose of allowing, subject to certain limitations, certain individuals a subtraction modification under the Maryland income tax for a certain amount of income; prohibiting an individual who includes income under the subtraction modification from including income under a certain subtraction modification for certain retirement income; and generally relating to a subtraction modification under the Maryland income tax. BY repealing and reenacting, without amendments, Article - Tax - General Section 10-207(a) Annotated Code of Maryland (2022 Replacement Volume) BY adding to Article - Tax - General Section 10-207(oo) Annotated Code of Maryland (2022 Replacement Volume) BY repealing and reenacting, with amendments, Article - Tax - General Section 10-209(d) Annotated Code of Maryland (2022 Replacement Volume)
AI Summary
This bill allows certain individuals, who are receiving Social Security benefits or are at least 65 years old and not employed full-time, to claim a subtraction modification under the Maryland income tax for a certain amount of their income. The subtraction amount starts at $10,000 for the 2023 tax year and increases annually, reaching a full subtraction of all income for tax years after 2027. The bill also prohibits individuals who claim this subtraction from also claiming the existing subtraction modifications for military retirement income or public safety employee retirement income. The Comptroller is required to adopt regulations to implement these provisions.
Committee Categories
Budget and Finance
Sponsors (13)
Steve Hershey (R)*,
Jack Bailey (R),
Mary Beth Carozza (R),
Paul Corderman (R),
William Folden (R),
Jason Gallion (R),
J.B. Jennings (R),
Johnny Mautz (R),
Mike McKay (R),
Justin Ready (R),
Johnny Salling (R),
Bryan Simonaire (R),
Chris West (R),
Last Action
Senate Budget and Taxation Hearing (13:00:00 3/9/2023 ) (on 03/09/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0461?ys=2023RS |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/sb/sb0461f.pdf |
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