Maryland 2024 Regular Session

Maryland House Bill HB713 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	hb0713
6	6
7	7	HOUSE BILL 713
8	8	Q3 4lr2467
9	9
10	10	By: Delegates Griffith, Rogers, Adams, Allen, Anderton, Arikan, Attar, Baker,
11	11	Bouchat, Buckel, Chisholm, Ciliberti, Fair, Ghrist, Grammer, Hartman,
12	12	Henson, Hinebaugh, Hornberger, Howard, Hutchinson, A. Johnson,
13	13	S. Johnson, D. Jones, Kipke, R. Long, Mangione, McComas, Miller,
14	14	M. Morgan, T. Morgan, Munoz, Nawrocki, Pippy, Reilly, Rose, Schmidt,
15	15	Stonko, Tomlinson, and Valentine
16	16	Introduced and read first time: January 26, 2024
17	17	Assigned to: Ways and Means
18	18
19	19	A BILL ENTITLED
20	20
21	21	AN ACT concerning 1
22	22
23	23	Income Tax – Subtraction Modification for Military Retirement Income – 2
24	24	Individuals Under the Age of 55 3
25	25
26	26	FOR the purpose of increasing the amount of a subtraction modification under the 4
27	27	Maryland income tax for military retirement income for individuals who are under 5
28	28	a certain age; and generally relating to a subtraction modification under the 6
29	29	Maryland income tax for military retirement income. 7
30	30
31	31	BY repealing and reenacting, without amendments, 8
32	32	Article – Tax – General 9
33	33	Section 10–207(a) 10
34	34	Annotated Code of Maryland 11
35	35	(2022 Replacement Volume and 2023 Supplement) 12
36	36
37	37	BY repealing and reenacting, with amendments, 13
38	38	Article – Tax – General 14
39	39	Section 10–207(q) 15
40	40	Annotated Code of Maryland 16
41	41	(2022 Replacement Volume and 2023 Supplement) 17
42	42
43	43	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 18
44	44	That the Laws of Maryland read as follows: 19
45	45
46	46	Article – Tax – General 20
47	47
48	48	10–207. 21 2 HOUSE BILL 713
49	49
50	50
51	51
52	52	(a) To the extent included in federal adjusted gross income, the amounts under 1
53	53	this section are subtracted from the federal adjusted gross income of a resident to determine 2
54	54	Maryland adjusted gross income. 3
55	55
56	56	(q) (1) (i) In this subsection the following words have the meanings 4
57	57	indicated. 5
58	58
59	59	(ii) “Military retirement income” means retirement income, 6
60	60	including death benefits, received as a result of military service. 7
61	61
62	62	(iii) “Military service” means: 8
63	63
64	64	1. induction into the armed forces of the United States for 9
65	65	training and service under the Selective Training and Service Act of 1940 or a subsequent 10
66	66	act of a similar nature; 11
67	67
68	68	2. membership in a reserve component of the armed forces of 12
69	69	the United States; 13
70	70
71	71	3. membership in an active component of the armed forces of 14
72	72	the United States; 15
73	73
74	74	4. membership in the Maryland National Guard; or 16
75	75
76	76	5. active duty with the commissioned corps of the Public 17
77	77	Health Service, the National Oceanic and Atmospheric Administration, or the Coast and 18
78	78	Geodetic Survey. 19
79	79
80	80	(2) The subtraction under subsection (a) of this section includes[: 20
81	81
82	82	(i) if, on the last day of the taxable year, the individual is under the 21
83	83	age of 55 years, the first $12,500 of military retirement income received by an individual 22
84	84	during the taxable year; and 23
85	85
86	86	(ii) if, on the last day of the taxable year, the individual is at least 55 24
87	87	years old,] the first $20,000 of military retirement income received by an individual during 25
88	88	the taxable year. 26
89	89
90	90	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 27
91	91	1, 2024, and shall be applicable to all taxable years beginning after December 31, 2023. 28