Maryland 2024 Regular Session

Maryland Senate Bill SB588 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	sb0588
6	6
7	7	SENATE BILL 588
8	8	Q3 4lr3017
9	9	CF 4lr3019
10	10	By: Senators Bailey and Jackson
11	11	Introduced and read first time: January 25, 2024
12	12	Assigned to: Budget and Taxation
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Income Tax – Subtraction Modification – Public Safety Employee Retirement 2
19	19	Income 3
20	20
21	21	FOR the purpose of altering the amount allowed as a subtraction modification under the 4
22	22	Maryland income tax for certain retirement income attributable to an individual’s 5
23	23	employment as a public safety employee; and generally relating to a subtraction 6
24	24	modification under the Maryland income tax for the retirement income of public 7
25	25	safety employees. 8
26	26
27	27	BY repealing and reenacting, without amendments, 9
28	28	Article – Tax – General 10
29	29	Section 10–207(a) 11
30	30	Annotated Code of Maryland 12
31	31	(2022 Replacement Volume and 2023 Supplement) 13
32	32
33	33	BY repealing and reenacting, with amendments, 14
34	34	Article – Tax – General 15
35	35	Section 10–207(mm) 16
36	36	Annotated Code of Maryland 17
37	37	(2022 Replacement Volume and 2023 Supplement) 18
38	38
39	39	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 19
40	40	That the Laws of Maryland read as follows: 20
41	41
42	42	Article – Tax – General 21
43	43
44	44	10–207. 22
45	45
46	46	(a) To the extent included in federal adjusted gross income, the amounts under 23
47	47	this section are subtracted from the federal adjusted gross income of a resident to determine 24
48	48	Maryland adjusted gross income. 25 2 SENATE BILL 588
49	49
50	50
51	51
52	52	(mm) (1) (i) In this subsection the following words have the meanings 1
53	53	indicated. 2
54	54
55	55	(ii) “Correctional officer” means an individual who: 3
56	56
57	57	1. was employed in: 4
58	58
59	59	A. a State correctional facility, as defined in § 1–101 of the 5
60	60	Correctional Services Article; 6
61	61
62	62	B. a local correctional facility, as defined in § 1–101 of the 7
63	63	Correctional Services Article; 8
64	64
65	65	C. a juvenile facility included in § 9–226 of the Human 9
66	66	Services Article; or 10
67	67
68	68	D. a facility of the United States that is equivalent to a State 11
69	69	or local correctional facility or a juvenile facility included in § 9–226 of the Human Services 12
70	70	Article; and 13
71	71
72	72	2. is eligible to receive retirement income attributable to the 14
73	73	individual’s employment under item 1 of this subparagraph. 15
74	74
75	75	(iii) “Emergency services personnel” means emergency medical 16
76	76	technicians or paramedics. 17
77	77
78	78	(iv) “Employee retirement system” has the meaning stated under § 18
79	79	10–209(a) of this subtitle. 19
80	80
81	81	(v) “Public safety employee” means an individual who is a retired 20
82	82	correctional officer, law enforcement officer, or fire, rescue, or emergency services personnel 21
83	83	of the United States, the State, or a political subdivision of the State. 22
84	84
85	85	(2) The subtraction under subsection (a) of this section includes the first 23
86	86	[$15,000] $20,000 of income from an employee retirement system that is attributable to 24
87	87	service as a public safety employee, if the income is received by an individual who is at least 25
88	88	55 years old on the last day of 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