Good news for Maryland retirees: tax relief is in sight.
Leaders of the Maryland legislature have come to a bipartisan agreement with Governor Larry Hogan on nearly $2 billion in tax relief. Spread out over 5 years, the program will provide savings for retirees, small businesses, and low-income families.
Per the Governor’s announcement, provisions include:
- Tax relief for retirees 65 and older making up to $100,000 in retirement income, and married couples making up to $150,000 in retirement income. As a result, 80% of Maryland’s retirees will receive substantial relief or pay no state income taxes at all. ($1.55 billion)
- The Work Opportunity Tax Credit to incentivize employers and businesses to hire and retain workers from underserved communities that have faced significant barriers to employment. ($195 million)
- Family Budget Boosters: sales tax exemptions for child care products such as diapers, car seats, and baby bottles, and critical health products such as dental hygiene products, diabetic care products, and medical devices. ($115.6 million)
A signing ceremony is expected later this week.