Maryland HB707 modifies income tax subtraction for retirement income, adjusting percentages over time.
Maryland HB707 modifies the subtraction modification for retirement income under the state's income tax law. It specifies that 30% of qualified retirement plan income is subtracted for taxable years beginning after December 31, 2025, but before January 1, 2027. For taxable years beginning after December 31, 2026, but before January 1, 2028, the subtraction increases to 60%, and for taxable years beginning after December 31, 2027, it increases to 100%.
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- Core Provisions
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- Impact
- Legal Framework
- Critical Issues
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