MD General Assembly, 2010 – Senate Bill 1
Income Tax - Military Retirement Income
[this Act would take effect July 1, 2012, and be applicable to all taxable years beginning after December 31, 2011]
This bill expands the existing military retirement income subtraction modification by increasing from $5,000 to $10,000 the maximum amount of retirement income that can be excluded from the State income tax.
The following discussion was prepared by the "Legislative Research Service" of the General Assembly in regard to a similar bill that Sen. Harris sponsored last year.
Fiscal Summary --
State Effect: General fund revenues decrease by $12.9 million beginning in FY 2012 due to additional military retirement income being exempted. Future year revenues reflect the estimated number of eligible taxpayers. Expenditures are not affected.
Local government revenues decrease by $8.1 million in FY 2012 and $8.4 million by FY 2014. Expenditures are not affected.
Small Business Effect: None.
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1 comment:
This bill and the House crossfile (HB 1) has a diverse group of conservatives such as Harris and Colburn and also liberals, such as Rudy Cane, as sponsors. Neither Conway nor Mathias is a sponsor in the House, but Elmore is.
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