March 1st, 2023 by WCBC Radio
WBAL reports Maryland Gov. Wes Moore testified on Wednesday before before the State Senate Budget and Taxation Committee in support of veterans. The "Keep Our Heroes Home Act" would expand current tax exemptions on retired military income in hopes of encouraging veterans to stay. "These veterans and their families are not only spirited entrepreneurs, but also highly sought-after employees," Moore said. "They are the glue of their communities."
Current state law states military veterans that receive retirement benefits can deduct the first $5,000 of their taxable income if they're under the age of 55, and $15,000 if they're 55 and older.
Moore's proposal would drop the age restrictions and expand that deduction to 25,000 for all in 2023, and to 40,000 the following year in 2024
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