SB405: Income Tax - Retirement Income Subtraction Modifications and Senior Credit (Retirement Tax Elimination Act of 2022)

Legislative Summary

Allowing a subtraction modification under the Maryland income tax for individuals who are at least 55 years of age for certain retirement income attributable to the individual's employment as a public safety employee; providing that retirement income of public safety employees that is included in the subtraction may not be taken into account for purposes of a subtraction modification under the Maryland income tax for certain retirement income; providing a tax credit against the Maryland income tax for a resident who is at least 65 years old; etc.