Marylanders are due to receive $1.86 billion in savings after Gov. Larry Hogan, House Speaker Adrienne Jones and Senate President Bill Ferguson signed into law a package of tax cuts, including a bill that eliminates the income tax for most retirees in the state.

Senate Bill 405 and House Bill 420 create a tax credit of $1,000 for residents age 65 and older whose income does not exceed $100,000, and a credit of $1,750 for couples age 65 and older whose income does not exceed $150,000. Both credits go against the state’s collection of income tax.

The bills also expand the limits on taxes for retired law enforcement; correctional officers; and fire, rescue, and emergency services personnel between the ages of 55 and 64.

Other bills in the package waive the sales tax for child care and health products, and create a tax credit for businesses that “hire and retain workers from underserved communities.”... Read More: CBS Baltimore WJZ