General Assembly Raised Bill No. 1443 seeks to enhance support for the families of correction officers and various investigators who are killed in the line of duty by providing survivor's benefits and health insurance coverage. The bill establishes the "Fallen Officer and Investigator Fund," which will be administered by the Comptroller and will offer a lump sum death benefit of $100,000 to eligible surviving family members. Key definitions such as "dependent child," "killed in the line of duty," and "surviving family" are introduced to clarify eligibility for these benefits. Additionally, the bill amends existing tax law by repealing and substituting specific language regarding income tax deductions, effective July 1, 2025, to facilitate these benefits.

The bill also proposes significant changes to the taxation of pension and annuity income, as well as IRA distributions, introducing a phased approach to tax deductions based on federal adjusted gross income (AGI). It allows for deductions on pension and annuity income starting at 14% and increasing to 100% for lower-income individuals and couples. Furthermore, the bill includes provisions for the treatment of various income sources, such as marijuana-related expenses, stock received under share plans, and student loan reimbursements. It also clarifies the treatment of financial assistance from the Crumbling Foundations Assistance Fund and outlines the handling of certain deductions under the Internal Revenue Code. Overall, the bill aims to provide tax relief to lower and middle-income taxpayers while ensuring that families of fallen officers receive necessary support.

Statutes affected:
Raised Bill: 12-701