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Wednesday, March 21, 2018

BIPARTISANSHIP ALERT: Additional Tax Relief For Retirees

Governor Hogan Thanks Members Of General Assembly For Taking Action To Provide Tax Relief For Retirees

“During my campaign for governor I pledged to work hard to provide well-deserved tax relief for our state's retirees. I said that I wanted to eventually reach the point where we could do away with income taxes on all retirement income, just as many other states have done - that is still our goal. And I pledged to start heading toward that goal by repealing taxes on the pensions of our brave men and women who risked their lives for us." - Governor Larry Hogan, November 9, 2017

A Priority For Governor Hogan This Session Is To Further Reduce And Eliminate State Taxes On Retirement Income For Military, First Responders And Correctional Officers

Governor Hogan Legislation To Eliminate State Taxes On Military Retirement Income; Proposed Legislation Eliminates State Taxes On Military Retirement Income Received As A Result Of Military Service. “The first $15,000 of the military retirement income received by an individual during a taxable year beginning after December 31, 2017, but before January 1, 2019; 75% of the military retirement income received by an individual during a taxable year beginning after December 31, 2018, but before January 1, 2020; and all of the military retirement income received by an individual during a taxable year beginning after December 31, 2019.” (“Senate Bill 312,” Maryland General Assembly, 1/22/18)
Governor Hogan Introduced Similar Legislation To Eliminate State Taxes On Military Retirement Income In2015 And In 2017.

Governor Hogan’s Proposed Hometown Heroes Act Of 2018 Is Expanded To Include Correctional Officers; Proposed Legislation Eliminates State Taxes On The Retirement Income Of Correctional Officers, Fire, Rescue, And Emergency Services Personnel. “In the case of a retired correctional officer, law enforcement officer, or fire, rescue, or emergency services personnel of the United States, the State, or a political subdivision of the State, the amount included under subsection (b) (1) of this section… For any taxable year beginning after December 31, 2019, may be subtracted only if the resident is at least 50 years old on the last day of the taxable year and includes all of the retirement income that is attributable to the resident’s employment as a correctional officer, law enforcement officer, or fire, rescue, or emergency services personnel of the United States, the State, or a political subdivision of the State.” (“Senate Bill 299,”Maryland General Assembly, 1/22/18)

Members Of The General Assembly Have Introduced Similar Legislation Providing Retirees With Tax Relief

Delegate Mary Ann Lisanti Introduced Legislation Which Phases In Over Four Years A Full Exemption Of State Taxes On Military Retirement Income For All Military Retirees. “If on the last day of the taxable year, the individual is under the age of 65 years: the first $7,500 if military retirement income received by an individual during a taxable year beginning after December 31, 2018, but not before January 1, 2020; the first $15,000 of military retirement income received by an individual during a taxable year beginning after December 31, 2019, but before January 1, 2021; the first $20,000 of military retirement income received by an individual during a taxable year beginning after December 31, 2020, but before January 1, 2022; and all military retirement income received by an individual during a taxable year beginning after December 31, 2021; and if on the last day of the taxable year, the individual is at least 65 years old: the first $12,500 of military retirement income received by an individual during a taxable year beginning after December 2018, but before January 1, 2020; the first $20,000 of the military retirement income received by an individual during a taxable year beginning after December 31, 2019, but before January 1, 2021; the first $25,000 of military retirement income received by an individual during a taxable year beginning after December 31, 2020, but before January 1, 2022; and all military retirement income received by an individual during a taxable year beginning after December 31, 2021.” (“House Bill 327,”Maryland General Assembly, 3/13/18)
Members Of The House Of Delegates Voted 132-1 On Third Reading On House Bill 327. (“House Bill 327,”Maryland General Assembly, 3/19/18)

Delegate Sheila Hixson Proposed Legislation To Preclude The First $15,000 Of Retirement Income For Correctional Officers From State Taxes. “In the case of a retired law enforcement or correctional officer or fire, rescue, or emergency services personnel of the United States, the State, or a political subdivision of the State, the amount included under subsection (b) (1) of this section is limited to the first $15,000 of retirement income that is attributable to the resident’s employment as a law enforcement or correctional officer or fire, rescue, or emergency services personnel of the United States, the State, or a political subdivision of the State.” (“House Bill 296,” Maryland General Assembly, 1/22/18)
Members Of The House Of Delegates Voted Unanimously 131-0 On Third Reading To Approve House Bill 296. (“House Bill 296,” Maryland General Assembly, 3/19/18)

Governor Hogan's Goal Is To Eliminate All State Taxes On Retirement Income For All Marylanders

Governor Hogan Has Stated His Intention To Eliminate State Taxes On All Retirement Income. “…I want to reach the point where we are able to do away with income taxes on all retirement income, just as many other states have done.” (“State Of The State Address,” Office Of The Governor, 2/4/15)

5 comments:

Anonymous said...

About time Correctional Officers are recognized. We are not recognized for anything else like the rest of the Criminal Justice System employees does.

Anonymous said...

Government taking care of government employees and their generous, taxpayer funded pensions, and the hell with the rest of us.

Anonymous said...

Probably never served in the military! anony 9:40

Anonymous said...

Limelight Lewis will be happy when collecting 2-3 pensions.

Anonymous said...

Anonymous Anonymous said...

Probably never served in the military! anony 9:40

March 22, 2018 at 11:58 AM:

Why would you, who know nothing about me, say that? You are uninformed and make a useless comment. I am a Vietnam era veteran, 2 years active duty, Pershing Missile unit 1st / 81st FA Battalion, Wiley Kaserne, Neu Ulm Germany 1973-1975. GI Bill eligible. How about you? Maybe you are one that has never been in the military. Serving in the military doesn't get you a pension, unless you are a lifer. If you were a lifer, you're the reason I didn't stay in the military.