Pledging Support for Military Retiree Tax Credit
August 24th, 2010
http://www.bobehrlich.com/2010/08/pledging-support-for-military-retiree-tax-credit/
Initiative will benefit 50,000 military families and boost Maryland’s economy
[Related: See my column - February 8, 2006
In his State of the State address, Gov. Robert L. Ehrlich mentioned an important legislative proposal to “exempt from state taxes military retirement income earned by those with two decades of service.”]
ELLICOTT CITY- As part of his plan to get Maryland’s economy working again, Bob Ehrlich today pledged that he will introduce legislation to exempt 100 percent of military pension income for qualified military retirees in Maryland. His plan will help boost Maryland’s economy by attracting military retirees to the state and will provide real tax relief for nearly 50,000 veterans and their families currently living in Maryland.“Restoring the economy will be my first priority as Governor,” said Ehrlich. “To reach that goal, we need to make Maryland a place military retirees and their families want to call home. This veterans tax credit is good economic policy and a great way to thank our service men and women for their service to the country. Military veterans and retirees are exactly the type of highly-trained, skilled workers that Maryland needs to support the ongoing development of our technology-driven economy.”
A state Task Force on Military Retirees found in 2003 that retired military personnel households spent over $2.5 billion on goods and services in Maryland, generating nearly $100 million in sales and real estate tax revenues.
Ehrlich pledged to work with the General Assembly to exempt military pensions for service men and women with over 20 years services from Maryland income taxes. The credit would be phased in by 20% per year for 5 years and the cost of the credit would be offset by savings in Governor Ehrlich’s budget.
Currently, military retirees are exempt from Maryland income tax only on the first $5,000 of their retirement income. In addition, military retirees who are over the age of 65, totally disabled, or who have a spouse who is totally disabled receive an additional subtraction. http://www.bobehrlich.com/2010/08/pledging-support-for-military-retiree-tax-credit/
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