SB0996 (CH0573)

Find a 2018 Bill:

2018 Regular Session

 

Entitled:

Income Tax – Subtraction Modification – Retirement Income (Hometown Heroes and Veterans Act of 2018)

Sponsored by:

Senator Peters

Status:

Approved by the Governor - Chapter 573


Synopsis:Altering a subtraction modification under the State income tax for certain military retirement income for individuals who are at least 55 years old from $10,000 to $15,000; providing a subtraction modification under the Maryland income tax under certain circumstances for the first $15,000 of retirement income attributable to employment as a correctional officer; and applying the Act to all taxable years beginning after December 31, 2017.
Analysis:Fiscal and Policy Note (Revised)
All Sponsors:Senators Peters, Astle, Benson, Cassilly, Currie, DeGrange, Edwards, Feldman, Guzzone, Kagan, Kelley, King, Klausmeier, Madaleno, Manno, Mathias, Middleton, Muse, Norman, Rosapepe, Serafini, Simonaire, Smith, Young, Zucker, Eckardt, and Kasemeyer
Additional Facts:Introduced in a prior session as: SB0295 Session: 2017 Regular Session
Bill File Type: Regular
Effective Date(s): July 1, 2018
Committee(s):
Budget and Taxation  View Committee HearingWays and Means  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Armed Forces -see also- Military Department; Veterans
Correctional Officers
Elderly Persons -see also- Vulnerable Adults
Exemptions
Income Tax
Juvenile Facilities
Retirement Systems -see also- Mandatory Retirement
Veterans
Statutes:Article - Tax - General
(10-207, 10-209)

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May 18, 2018 3:53 P.M.