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Ch. 504
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LAWS OF MARYLAND
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1534
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Article 81 - Revenue and Taxes
Section 288(g) and 323B(b), (c), (d), and (e), respectively
to be Section 288(e) and 323B(a), (b), (c), and (d),
respectively
Annotated Code of Maryland
(1980 Replacement Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
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
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