Maryland HB902 provides state income tax credits for eligible retirees based on age and income.

Maryland HB902, the Retire in Maryland Tax Relief Act, offers state income tax credits to eligible taxpayers who meet certain age and income criteria. Eligible taxpayers, defined as residents with a federal adjusted gross income not exceeding $250,000, can claim credits of 25%, 50%, 75%, or 100% of their state income tax, depending on their age and filing status. The credits are not transferable to other years and cannot be claimed in the same year as other credits. The act will take effect on July 1, 2026, and applies to taxable years beginning after December 31, 2025.

Maryland HB902 provides state income tax credits for eligible retirees based on age and income.

Maryland HB902, the Retire in Maryland Tax Relief Act, offers state income tax credits to eligible taxpayers who meet certain age and income criteria. Eligible taxpayers, defined as residents with a federal adjusted gross income not exceeding $250,000, can claim credits of 25%, 50%, 75%, or 100% of their state income tax, depending on their age and filing status. The credits are not transferable to other years and cannot be claimed in the same year as other credits. The act will take effect on July 1, 2026, and applies to taxable years beginning after December 31, 2025.