Maryland seniors would see up to a $1,750 tax cut next year under a deal state leaders announced Monday over how to spend much of a historic surplus.
“We kept the tax relief focused on the people who really need it,” House Majority Leader Eric G. Luedtke said, referring to seniors and working families. “They’re the people whose incomes aren’t growing.”The retiree tax cut is the most costly element of the tax cut package — amounting to 83 percent of the annual cost. Hogan had pushed for that piece, and his office holds power over how much of the surplus the state could spend each year.
The credit is not refundable, so people who owe less than $1,000 in taxes would not get extra cash back. In the event of a severe recession, the tax benefit for seniors would be reduced.The sales tax exemption also applies to children’s car seats, baby bottles, supplies for diabetics and other medical devices. It would lower the out-of-pocket expenses for those items by 6 percent, which advocates say would make a meaningful difference to cash-strapped families as inflation grows.
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