summary
Introduced
01/25/2024
01/25/2024
In Committee
01/25/2024
01/25/2024
Crossed Over
Passed
Dead
04/08/2024
04/08/2024
Introduced Session
2024 Regular Session
Bill Summary
Including income from certain retirement plans within a certain subtraction modification allowed under the Maryland income tax for certain individuals who are at least 65 years of age or who are disabled or whose spouse is disabled; altering the maximum amount of the subtraction modification for certain taxable years; repealing a limitation on the maximum amount of the subtraction modification; applying the Act to all taxable years beginning after December 31, 2023; etc.
AI Summary
This bill expands the Maryland income tax subtraction modification for retirement income. It broadens the definition of "qualified retirement plan" to include various types of retirement accounts, such as individual retirement accounts (IRAs) and Roth IRAs. The bill also increases the percentage of qualified retirement income that can be subtracted from federal adjusted gross income over a three-year period, from 30% in 2024-2025 to 60% in 2025-2026 and 100% in 2026 and beyond. Additionally, the bill removes the previous cap on the maximum subtraction amount and clarifies that income already subtracted under other provisions cannot be subtracted again under this section. The bill applies to all taxable years beginning after December 31, 2023.
Committee Categories
Budget and Finance
Sponsors (8)
Robin Grammer (R)*,
Lauren Arikan (R),
Brian Chisholm (R),
Mark Fisher (R),
Nic Kipke (R),
Matt Morgan (R),
Ryan Nawrocki (R),
Kathy Szeliga (R),
Last Action
House Ways and Means Hearing (13:00:00 2/15/2024 ) (on 02/15/2024)
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/HB0674?ys=2024RS |
| BillText | https://mgaleg.maryland.gov/2024RS/bills/hb/hb0674f.pdf |
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