Maryland HB653 phases in an increase in the subtraction modification for public safety retirement income under the state income tax.
Maryland HB653 modifies the subtraction modification for public safety retirement income under the state income tax. It increases the amount of retirement income that can be subtracted from federal adjusted gross income to determine Maryland adjusted gross income. The bill phases in this increase over several years, starting with $15,000 for taxable years beginning after December 31, 2024, and increasing to $20,000 for taxable years beginning after December 31, 2029. This change affects retirees who are correctional officers, law enforcement officers, or emergency services personnel.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.