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2006 LAWS OF MARYLAND
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Ch. 226
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(ii) a Roth individual retirement account under § 408A of the
Internal Revenue Code;
(iii) a rollover individual retirement account;
(iv) a simplified employee pension under Internal Revenue Code §
408(k); or
(v) an ineligible deferred compensation plan under § 457(f) of the
Internal Revenue Code.
(b) [To] SUBJECT TO SUBSECTION (D) OF THIS SECTION, TO determine
Maryland adjusted gross income, if, on the last day of the taxable year, a resident is at
least 65 years old or is totally disabled or the resident's spouse is totally disabled, an
amount is subtracted from federal adjusted gross income equal to the lesser of:
(1) the cumulative or total annuity, pension, or endowment income from
an employee retirement system included in federal adjusted gross income; or
(2) the maximum annual benefit under the Social Security Act computed
under subsection (c) of this section, less any payment received as old age, survivors, or
disability benefits under the Social Security Act, the Railroad Retirement Act, or both.
(c) For purposes of subsection (b)(2) of this section, the Comptroller:
(1) shall determine the maximum annual benefit under the Social
Security Act allowed for an individual who retired at age 65 for the prior calendar
year; and
(2) may allow the subtraction to the nearest $100.
(D) MILITARY RETIREMENT INCOME THAT IS INCLUDED IN THE
SUBTRACTION UNDER § 10-207(Q) OF THIS SUBTITLE MAY NOT BE TAKEN INTO
ACCOUNT FOR PURPOSES OF THE SUBTRACTION UNDER THIS SECTION.
10-211.
(A) Whether or not a federal return in filed, to determine Maryland taxable
income, an individual other than a fiduciary may deduct as an exemption:
(1) AN AMOUNT EQUAL TO $2,400 for each exemption that the individual
may deduct in the taxable year to determine federal taxable income under § 151 of the
Internal Revenue Code[;] AND
[(i) $1,750 for a taxable year beginning after December 31, 1997 but
before January 1, 1999;
(ii) $1,850 for a taxable year beginning after December 31, 1998 but
before January l, 2000;
(iii) $1,850 for a taxable year beginning after December 31, 1990 but
before January 1, 2001;
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- 1338 -
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