HEARING ALERT: Tax Relief for Retirees
|“Lifelong Marylanders are moving to other states for one reason: our state’s sky-high retirement taxes. We cannot let this keep happening.” -Governor Larry Hogan|
ANNAPOLIS, MD—Today at 2:00 p.m., the Senate Budget and Taxation Committee will hold a hearing on SB 572, the Retirement Tax Reduction Act of 2021.
The bill creates a subtraction modification against the state income tax for any individual who has a federal adjusted gross income of $100,000 or less and (1) is receiving old age or survivor Social Security benefits or (2) is at least age 65 and is not employed full time. The governor has also proposed additional measures to exempt law enforcement, fire and rescue, corrections, and emergency response personnel from state tax on all retirement income specific to their service, and to increase the tax exemption for all military retiree pensions.
In his State of the State Address, Governor Hogan asked the legislature to help make it more affordable to live, raise a family, start a business, and to retire here in Maryland: