From Del. Mary Ann Lisanti:
After a decade of failed attempts by advocates and legislators, House Bill 327 Income Tax – Subtraction Modification – Military Retirement Income, Sponsored by Delegates Mary Ann Lisanti, (D) Harford County and Pat Young, (D) Baltimore County has achieved an important milestone by passing the Maryland House of Delegates Monday 134-0 and is now on its way to the Maryland Senate. Hearings will be held before the Senate Budget and Tax Committee on March 28th, where action must be taken before the 90 day legislative session ends at midnight on April 9, 2018.
The bill in its amended form will phase-in the full tax exemption of all military retirement income being fully exempt from Maryland state income taxes beginning after December 31, 2021. The phase-in will occur over three taxable years. For those veterans under 65 years of age the bill calls for a year one $7,500.00 deduction, year two $15,00.00, year three $21,000.00 and full exemption year four. For those over 65 years of age the phase-in will be front loaded with the year one deduction set at $12,500.00, year two $20,00.00, year three $25,000.00 and full exemption will also be reached by year four.
This bill represents a compromise that was born from a package of bills submitted by Delegates Young and Lisanti. Both have been working over the 2017 interim on various funding strategies that addresses the significant fiscal impact of exempting military retiree pensions. “Gaining the support from the necessary committees and House members has been no easy task, but at the end of the day we all recognize what the passage of HB 327 will mean for our Veterans in the State of Maryland.” Said Delegate Young. “As we commemorate the 50th anniversary of the Vietnam War it would be a fitting tribute to join other surrounding states in exempting military retirement income form state taxes.” “The legislature has been working on reducing the tax burden on our Veterans for some time now…It is about time we move aggressively to keep our retired members of the military here in Maryland.” said Delegate Lisanti
Maryland is home to over 55,000 veterans that receive a pension earned during their military service. Under current law they are able to write off the first $10,000 of their retirement income. Three of the four surrounding states exempt military pension income from state taxes which has had an impact on whether service members who retire from the military decide to remain in Maryland. “It’s easy to move across the border and make the commute to work in order to save more of their retirement income.” “Employers know that veterans are good workers. They are reliable, committed to the community with a strong work ethic, and therefore keeping them in Maryland after retirement has added benefits to enhancing Maryland workforce.” said Delegate Lisanti.
Anyone interested in providing written or oral testimony in support of HB 327 for the March 28th hearing may do so by emailing maryann.lisanti@house.state.md.us or by calling 410-841-3331 and asking to speak with Adam.
Is Lisanti another Democrat who thinks people should be called names like REDNECKS? As the only elected Democrat in this county, I call on her to condemn Boardman’s hate speech!
Any Democrat that does not condemn Boardmans comments are accepting and condoning. Be better than hate and hateful speech.
Maybe her bill doesn’t include Cecil County redneck veterans?
What about the exempting the pensions of first responders as well?
How great is it for a slob like Boardman to be the one who brings down the chances that the few who where in actual races. Boardman is the Hillary of Harford for 2018.
It’s a job, what makes it any more special than any other? The reason Maryland has so many retired military is the number of double dippers. Retire from your military job on Monday and report to work for the same job on Tuesday as a civilian.A tax break is nothing more than a gift they do not need
Just because you didn’t do it doesn’t mean it’s wrong. After serving for more than 2 decades, the military gives us a permanent pension. Most of us retire physically injured and the compensation for that was hard-worked for. Don’t like it? Do something about it other than bitching about it on an internet news forum. Otherwise, suck it up, buttercup. Other people don’t share your opinion.
Sorry but the reality is most don’t retire injured the fact you would say that proves you are clueless on the subject.
If you are injured, you will be compensated in your retirement. There is no reason you should be exempted from paying taxes on your pension in the state.
Democrats are really good at creating carve outs to make folks feel special and vote for them. This is bullcrap there should be no special status for anyone. If you rob peter to pay paul, you can always count on paul’s vote.
You’re absolutely right. That day they gave me my helmet and crayons made me feel so special. They then said I get FREE HEALTHCARE for the rest of my life because the Maryland Insurance Administration proclaimed me incompetent and untrustworthy. I asked them who’s gonna pay for it. They said “ALL of US”. I was so over joyed…..
Spoken like someone who never served a higher cause other than themselves.
Higher cause… LOL It’s a job that just about everyone can get if you can fog a mirror.