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S.B. 399 VETOES
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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 § 408A of the
Internal Revenue Code;
(iii) EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION, 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 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
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(2) may allow the subtraction to the nearest $100.
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- 4562 -
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