Bill > SB382

This bill, the Retire in Maryland Tax Relief Act, establishes a new state income tax credit for eligible Maryland residents who are at least 77 years old and meet certain income limitations, with higher income thresholds for those filing jointly or as a head of household. The credit amount varies based on age, ranging from 25% of the state income tax for those 77 years old to 100% for those 80 and older, with similar tiered percentages for married couples filing jointly. Importantly, if the calculated credit is more than the actual state income tax owed for a given year, the excess amount cannot be carried forward to future tax years, meaning the credit is non-refundable and cannot be used to generate a refund. This new tax relief is set to apply to tax years beginning after December 31, 2025.