Maryland 2025 Regular Session

Maryland House Bill HB60 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	hb0060
6	6
7	7	HOUSE BILL 60
8	8	Q3 5lr1441
9	9	(PRE–FILED) CF SB 99
10	10	By: Delegates Rogers, Crutchfield, Metzgar, and Vogel
11	11	Requested: October 29, 2024
12	12	Introduced and read first time: January 8, 2025
13	13	Assigned to: Ways and Means
14	14
15	15	A BILL ENTITLED
16	16
17	17	AN ACT concerning 1
18	18
19	19	Income Tax – Subtraction Modification for Military Retirement Income 2
20	20	(Keep Our Heroes Home Act ) 3
21	21
22	22	FOR the purpose of increasing the amount of a certain subtraction modification under the 4
23	23	Maryland income tax for certain military retirement income received by individuals, 5
24	24	regardless of age, during a taxable year for certain military service; and generally 6
25	25	relating to a subtraction modification under the Maryland income tax for military 7
26	26	retirement income. 8
27	27
28	28	BY repealing and reenacting, without amendments, 9
29	29	Article – Tax – General 10
30	30	Section 10–207(a) 11
31	31	Annotated Code of Maryland 12
32	32	(2022 Replacement Volume and 2024 Supplement) 13
33	33
34	34	BY repealing and reenacting, with amendments, 14
35	35	Article – Tax – General 15
36	36	Section 10–207(q) 16
37	37	Annotated Code of Maryland 17
38	38	(2022 Replacement Volume and 2024 Supplement) 18
39	39
40	40	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 19
41	41	That the Laws of Maryland read as follows: 20
42	42
43	43	Article – Tax – General 21
44	44
45	45	10–207. 22
46	46	2 HOUSE BILL 60
47	47
48	48
49	49	(a) To the extent included in federal adjusted gross income, the amounts under 1
50	50	this section are subtracted from the federal adjusted gross income of a resident to determine 2
51	51	Maryland adjusted gross income. 3
52	52
53	53	(q) (1) (i) In this subsection the following words have the meanings 4
54	54	indicated. 5
55	55
56	56	(ii) “Military retirement income” means retirement income, 6
57	57	including death benefits, received as a result of military service. 7
58	58
59	59	(iii) “Military service” means: 8
60	60
61	61	1. induction into the armed forces of the United States for 9
62	62	training and service under the Selective Training and Service Act of 1940 or a subsequent 10
63	63	act of a similar nature; 11
64	64
65	65	2. membership in a reserve component of the armed forces of 12
66	66	the United States; 13
67	67
68	68	3. membership in an active component of the armed forces of 14
69	69	the United States; 15
70	70
71	71	4. membership in the Maryland National Guard; or 16
72	72
73	73	5. active duty with the commissioned corps of the Public 17
74	74	Health Service, the National Oceanic and Atmospheric Administration, or the Coast and 18
75	75	Geodetic Survey. 19
76	76
77	77	(2) The subtraction under subsection (a) of this section includes: 20
78	78
79	79	[(i) if, on the last day of the taxable year, the individual is under the 21
80	80	age of 55 years, the first $12,500 of military retirement income received by an individual 22
81	81	during the taxable year; and 23
82	82
83	83	(ii) if, on the last day of the taxable year, the individual is at least 55 24
84	84	years old, the first $20,000 of military retirement income received by an individual during 25
85	85	the taxable year] 26
86	86
87	87	(I) FOR A TAXABLE YEAR B EGINNING AFTER DECEMBER 31, 27
88	88	2024, BUT BEFORE JANUARY 1, 2026, THE FIRST $25,000 OF MILITARY RETIREME NT 28
89	89	INCOME RECEIVED BY A N INDIVIDUAL DURING THE TAXABLE YEAR ; AND 29
90	90
91	91	(II) FOR A TAXABLE YEAR B EGINNING AFTER DECEMBER 31, 30
92	92	2025, THE FIRST $40,000 OF MILITARY RETIREME NT INCOME RECEIVED B Y AN 31
93	93	INDIVIDUAL DURING TH E TAXABLE YEAR . 32
94	94	HOUSE BILL 60 3
95	95
96	96
97	97	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 1
98	98	1, 2025. 2
99	99