Income Tax - Subtraction Modification for Military Retirement Income - Individuals Under the Age of 55

HB 800 modifies Maryland's income tax code to provide a tax deduction for military retirement income. It sets a $12,500 annual deduction for military retirees under age 55, while those aged 55 or older receive a $20,000 deduction. This change directly affects Maryland residents who receive military retirement income and are under 55. The bill takes effect July 1, 2025, for tax years beginning after December 31, 2024.