Governor Larry Hogan today announced a more than $1 billion tax relief proposal to make it more affordable for retirees to stay in Maryland. This legislation, which would lower taxes for more than 230,000 Marylanders, is the biggest tax reduction in Maryland in more than two decades. “People who have been lifelong Marylanders and have contributed so much, and still have more to offer, are moving to other states for one reason—our state’s sky-high retirement taxes,” said Governor Hogan. “When I first ran for governor, I said that once we solved the budget crisis and turned our economy around I wanted to eventually reach the point where we could eliminate all retirement taxes just as other states have done. That is still our goal, and this tax cut is a major step toward achieving it.” The Retirement Tax Reduction Act of 2020 will cut retirement taxes for Marylanders by more than $1 billion over five years. This legislation will eliminate all state tax on the first $50,000 of income for retirees making up to $100,000 in federally adjusted gross income. Retirees with Maryland income up to $50,000 will pay no state tax whatsoever in the state of Maryland. This tax […]
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