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HARRY HUGHES, Governor
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1531
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(2) [Payments] TO THE EXTENT INCLUDED, 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
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
lav; at the time the interest or dividends accumulated in the
plan;
(6) To the extent included, the amount of any refunds
of income taxes paid to the State of Maryland, any other state,
the District of Columbia, and any political subdivision of the
State of Maryland and of any other state;
(7) To the extent included, distributions to
beneficiaries of accumulated income on which income tax has been
paid by a fiduciary to this State;
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