Income Tax - Subtraction Modification - Public Safety Employee Retirement Income

HB 792 increases the Maryland income tax subtraction for retirement income from public safety careers. It raises the deductible amount from $15,000 to $20,000 annually for retired correctional officers, law enforcement officers, firefighters, and emergency medical personnel aged 55 or older. This change applies to retirement income attributable to their public safety service, reducing taxable income for qualifying retirees. The bill amends Maryland’s tax code (Section 10-207(mm)) and takes effect July 1, 2025, for tax years beginning after December 31, 2024.