Income Tax – Subtraction Modification – Military Retirement (Tax Relief for Military Retirees Act of 2022)
What this bill does
Altering for certain taxable years a certain limitation on a subtraction modification under the Maryland income tax for certain military retirement income; providing the subtraction for the tax year beginning after December 31, 2021, but before January 1, 2023, is the greater of $15,000 or 50% of the amount of military retirement income received during that taxable year; and providing that for a taxable year beginning after December 31, 2022, all military retirement income received can be subtracted.
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