|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1527
|
|
|
|
|
HARRY HUGHES, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Article 81 - Revenue and Taxes
280.
(c) There shall be subtracted from federal adjusted gross
income:
(1) Interest or dividends on obligations of the
United States and its territories and possessions or of any
authority, commission or instrumentality of the United States and
any other income to the extent includable in gross income for
federal income tax purposes, but exempt from State income taxes
under the laws of the United States;
(2) Payments received by policemen and firemen from
pension systems for injuries or disabilities arising out of and
in the course of their employment as policemen or firemen;
(3) The lesser of:
(i) Amounts received by an individual who has
attained the age of 65 years before the close of the taxable year
as an annuity, pension, or endowment under a private, municipal,
State or federal employee retirement system, and included in such
individual's federal adjusted gross income, or
(ii) An amount equal to the maximum annual
benefits permitted for persons who retired at the age of 65 or
older under the Social Security Act for the prior calendar year
reduced by the amount of old age, survivors, or disability
benefits received under the Social Security Act, the Railroad
Retirement Act, or both, as the case may be. The Comptroller
shall determine the amount of the maximum benefit annually. For
the purposes of this paragraph, the Comptroller may allow the
[substraction] SUBTRACTION to the nearest $100;
(4) In the case of persons retired prior to January
1, 1967, payments received which represent unrecovered
contributions to a retirement system over and above any amount of
such contributions remaining to be recovered tax free on the
federal return, limited to an amount which together with the
amount of any tax-free exclusion in the federal return does not
exceed the exclusion which was permitted under the laws and
regulations of this State prior to the year 1967;
(5) Any income reported on the individual's federal
income tax return due to a withdrawal or withdrawals from a
retirement plan established under the Self-Employed Individuals
Tax Retirement Act of 1962, Public Law 87-792, as amended,
popularly known as a Keogh Plan, to the extent that the
withdrawal or withdrawals consist of funds on which State income
taxes were paid under the applicable State law at the time the
funds were contributed to the plan, or of interest or dividends
on which State income taxes were paid under the applicable State
law at the time the interest or dividends accumulated in the
plan;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
