New Maryland Law Helps Veterans With Tax Relief, Health Care Benefits

Maryland Gov. Wes Moore signed into law the Veterans Assistance Act on Friday, which includes tax cuts on retirement income.

The former U.S. Army captain and paratrooper signed the bill with his back to National Guard aircraft in a hangar at Martin State Airport, home of the Maryland Air National Guard in Middle River, Maryland.

“We need to make sure that ‘thank you for what you do’ is more than just a quote or a must-have at the end of a sentence. We need to support the military community,” Moore said. said, adding that veterans have secondary and tertiary careers. “These are the people who are going to start businesses. These are the people who will buy the houses.”

Moore, a Democrat, has prioritized a tax cut for veterans called the Keep Heroes Home Act. The bill is designed as an incentive for veterans to stay in Maryland rather than move to another state with more favorable tax conditions.

The law waives up to $20,000 in retirement benefits for military personnel over the age of 55 living in Maryland. Retirees under age 55 are exempted from up to $12,500. This is an increase in exempt income that the state currently allows, $15,000 for those 55 and older and $5,000 for those under 55.

The state estimates that about 33,000 veterans are eligible to deduct additional retirement income as a result of the new law. It will go into effect on July 1 and will apply from 2023 onwards.

The governor initially proposed a higher exemption amount, but the measure was reduced by the General Assembly. Moore proposed waiving up to $40,000 for all veterans.

Moore also signed a program to reimburse the state’s National Guard for medical and dental plans up to $60 a month. The Health Care Act for Heroes takes effect on his July 1st.

Another bill signed by the governor would require the Maryland Department of Veterans Affairs to bury eligible spouses and dependents of veterans, including children and parents, free of charge in the state’s veterans’ cemetery. It’s becoming

The governor also signed a bill creating checks on income tax returns for the Maryland Veterans Trust Fund, which provides grants and loans to veterans and their families.

The state will also consider expediting the state licensing process for military personnel, veterans and military spouses under a bill Moore signed into law.

Moore also signed a bill to exempt children on the autism spectrum that would require the child to remain on the register if the child’s family moves out of state for military service.

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