LD366

Maine LD366 ensures consistency in income tax deductions for retired members of the uniformed services.

Maine LD366 amends the definition of "military retirement plan" to include benefits from the Space Force, the United States Department of Commerce, National Oceanic and Atmospheric Administration, and the United States Public Health Service. It also clarifies that certain distributions from employee retirement plans are not eligible for the deduction if made before age 59½ and not as part of a series of substantially equal periodic payments. This ensures consistency in income tax deductions for retired members of the uniformed services.