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PARRIS N. GLENDENING, Governor Ch. 524
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under the income tax for certain individuals for certain retirement income.
BY repealing and reenacting, with amendments,
Article - Tax - General
Section 10-209
Annotated Code of Maryland
(1997 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
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;
(II) A ROTH INDIVIDUAL RETIREMENT ACCOUNT UNDER § 408(A) 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.
(a) (B) 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 OR INCOME FROM A QUALIFIED RETIREMENT PLAN,
AS DEFINED IN § 4974(C) OF THE INTERNAL REVENUE CODE, included in federal
adjusted gross income; or
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- 2809 -
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