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MD HB767
MD HB767Income Tax - Subtraction Modification - Military Retirement Income (Military Pension Tax Freedom Act)
summary
Introduced
02/08/2023
02/08/2023
In Committee
02/08/2023
02/08/2023
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 Income (Military Pension Tax Freedom Act) FOR the purpose of phasing in, over a certain period of years, an increase in a subtraction modification under the Maryland income tax to allow for a subtraction of all military retirement income; 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, known as the Military Pension Tax Freedom Act, proposes to phase in an increase in the subtraction modification under the Maryland income tax to allow for the subtraction of all military retirement income. Specifically, the bill would gradually increase the amount of military retirement income that can be subtracted from the state's income tax, starting with the greater of $15,000 or 20% of the retirement income in 2023-2024, and reaching full exemption of all military retirement income by 2027 and beyond. The bill defines "military retirement income" as income, including death benefits, received as a result of military service, which includes active duty, reserve components, and the Maryland National Guard, among others.
Committee Categories
Budget and Finance
Sponsors (34)
Mike Griffith (R)*,
Chris Adams (R),
Carl Anderton (R),
Steve Arentz (R),
Terry Baker (R),
Jason Buckel (R),
Brian Chisholm (R),
Barrie Ciliberti (R),
April Fleming Miller (R),
Jeff Ghrist (R),
Wayne Hartman (R),
Jim Hinebaugh (R),
Kevin Hornberger (R),
Seth Howard (R),
Tom Hutchinson (R),
Jay Jacobs (R),
Nic Kipke (R),
Bob Long (R),
Nino Mangione (R),
Susan McComas (R),
Ric Metzgar (R),
Todd Morgan (R),
Rachel Muñoz (R),
Ryan Nawrocki (R),
Charles Otto (R),
Jesse Pippy (R),
Teresa Reilly (R),
April Rose (R),
Stuart Schmidt (R),
Josh Stonko (R),
Kathy Szeliga (R),
Chris Tomlinson (R),
William Valentine (R),
William Wivell (R),
Last Action
House Ways and Means Hearing (13:00:00 2/23/2023 ) (on 02/23/2023)
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/HB0767?ys=2023RS |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/hb/hb0767f.pdf |
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