MD SB611 | 2019 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 4 2019 - 25% progression
Action: 2019-02-28 - Hearing 3/08 at 1:00 p.m.
Pending: Senate Budget and Taxation Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Allowing a subtraction modification under the Maryland income tax for certain deposits into certain catastrophe savings accounts and the interest earnings of the account; providing for the maximum amount that may be maintained in a catastrophe saving account; requiring an account holder that withdraws funds from an account for an ineligible purpose to add the funds back to the account holder's federal adjusted gross income and pay a 2.5% penalty; prohibiting a taxpayer from establishing more than one catastrophe savings account; etc.

Tracking Information

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Title

Income Tax - Subtraction Modification - Catastrophe Savings Accounts

Sponsors


History

DateChamberAction
2019-02-28SenateHearing 3/08 at 1:00 p.m.
2019-02-28SenateHearing canceled
2019-02-06SenateHearing 3/06 at 1:00 p.m.
2019-02-04SenateFirst Reading Budget and Taxation

Subjects


Maryland State Sources


Bill Comments

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