Income Tax - Subtraction Modification - Retirement Income
Sponsor: Benjamin Brooks (District 10)Committee: Budget and TaxationSubject: Taxes - IncomeStatus: Hearing 1/19 at 1:30 p.m. (as of Nov 9, 2023)
What this bill does
Official synopsis
Including income from an individual retirement account or a certain annuity within a certain subtraction modification for certain retirement income if contributions to the individual retirement account or annuity consist entirely of the tax-free rollover of distributions from an employee retirement system; and applying the Act to all taxable years beginning after December 31, 2022.
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Analysis reads the bill text, the fiscal note, and the witness list. It is generated by Claude and reviewed by nobody, so check the source documents before you rely on it.
Testimony (6)
MGA witness listFAV 5FavorableUNF 1Unfavorable
| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Bresnahan, Tammy | AARP Maryland | Oral + Written (PDF) |
| FAV | Phillips, Robert | Maryland State Firefighter's Association | Written (PDF) |
| FAV | Brooks, Benjamin | Individual | Written (PDF) |
| FAV | Brooks, Jr., Ben | Individual | Written (PDF) |
| FAV | Senator Brooks, Senator Brookslegislator | Individual | Oral |
| UNF | Kinnally, Kevin | Maryland Association of Counties (MACo) | Written (PDF) |