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distributions that are subject to the tax imposed by the Code, | | Section 72(t). "Military retirement plan" means benefits | | received as a result of service in the active or reserve | | components of the Army, Navy, Air Force, Marines or Coast | | Guard; |
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| | | Sec. 2. Application. That section of this Act that amends the Maine | | Revised Statutes, Title 36, section 5122, subsection 2, paragraph | | M applies to tax years beginning on or after January 1, 2005. |
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| | | Current law provides a deduction from the state income tax for | | the first $6,000 of income from certain public, private and | | military pensions. |
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| | | This bill increases the amount of the deduction to the amount | | of the maximum federal tax exemption for social security benefits | | reduced by any social security benefits and railroad retirement | | benefits actually received by the taxpayer. |
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