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ROBERT L. EHRLICH, JR., Governor Ch. 226
(I) the first $2,500 $5,000 of military retirement income received by
an individual during the taxable year, if the individual:
(i) is at least 55 60 years old on the last day of the taxable year; and
(ii) was an enlisted member of the military at the time of
retirement.
(II) THE FIRST $2,500 OF MILITARY RETIREMENT INCOME
RECEIVED BY AN INDIVIDUAL DURING THE TAXABLE YEAR IF THE INDIVIDUAL IS
UNDER THE AGE OF 60 YEARS ON THE LAST DAY OF THE TAXABLE YEAR.
(2) The amount of the subtraction under paragraph (1) of this subsection:
(i) is reduced by 50% of the amount by which federal adjusted
gross income exceeds $17,500; and
(ii) is reduced to zero if federal adjusted gross income exceeds
$22,500] 100% OF MILITARY RETIREMENT INCOME RECEIVED BY AN INDIVIDUAL
DURING THE TAXABLE YEAR.
(3) FOR A TAXABLE YEAR BEGINNING BEFORE JANUARY 1, 2011, THE
FOLLOWING PERCENTAGE OF MILITARY RETIREMENT INCOME RECEIVED BY AN
INDIVIDUAL DURING A TAXABLE YEAR IS SUBTRACTED UNDER SUBSECTION (A) OF
THIS SECTION;
(I) 20% FOR A TAXABLE YEAR BEGINNING AFTER DECEMBER 31,
2006, BUT BEFORE JANUARY 1, 2008;
(II) 40% FOR A TAXABLE YEAR BEGINNING AFTER DECEMBER 31,
2007, BUT BEFORE JANUARY 1, 2009;
(III) 60% FOR A TAXABLE YEAR BEGINNING AFTER DECEMBER 31,
2008, BUT BEFORE JANUARY 1, 2010; AND
(IV) 80% FOR A TAXABLE YEAR BEGINNING AFTER DECEMBER 31,
2009, BUT BEFORE JANUARY 1, 3011.
10-209.
(a) In this section:
(1) "employee retirement system" means a plan:
(i) established and maintained by an employer for the benefit of its
employees; and
(ii) qualified under § 401(a), § 403, or § 457(b) of the Internal
Revenue Code; and
(2) "employee retirement system" does not include:
(i) an individual retirement account or annuity under § 408 of the
Internal Revenue Code;
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