Maryland HB761 modifies the subtraction for military retirement income under state income tax.

Maryland HB761 increases the subtraction modification for military retirement income under the state income tax. Specifically, it raises the first $25,000 of military retirement income exempt from state income tax for individuals under age 65. This change applies to taxable years beginning after December 31, 2025, but before January 1, 2027. The bill aims to provide tax relief to military retirees by increasing the amount of their retirement income that is not subject to state income tax.

Maryland HB761 modifies the subtraction for military retirement income under state income tax.

Maryland HB761 increases the subtraction modification for military retirement income under the state income tax. Specifically, it raises the first $25,000 of military retirement income exempt from state income tax for individuals under age 65. This change applies to taxable years beginning after December 31, 2025, but before January 1, 2027. The bill aims to provide tax relief to military retirees by increasing the amount of their retirement income that is not subject to state income tax.