Maryland HB857 modifies the subtraction for military retirement income under the state income tax for individuals under 55 years old.
Maryland HB857 changes the subtraction for military retirement income under the state income tax for individuals under 55 years old. The bill increases the subtraction amount from $12,500 to $20,000 for those under 55, while keeping the subtraction at $20,000 for those 55 and older. This change applies to all taxable years beginning after December 31, 2025, and takes effect on July 1, 2026.
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.