2005 Regular Session

HOUSE BILL 66

File Code: Higher Education
Sponsored By:
Delegate Franchot
Entitled:
Income Tax Reform - Revenues for Higher Education Assistance

Synopsis:

Increasing specified Educational Excellence Awards to a minimum of $2,000 and a maximum of $8,000 per year; altering the purpose of the Educational Excellence Fund to allow moneys to be used for the Educational Excellence Award Program; increasing the top marginal State income tax rate to 5.25% for individuals whose Maryland taxable income exceeds $200,000 (single) and $250,000 (joint returns); and requiring the Comptroller to distribute the additional income tax revenue resulting from the Act to the Educational Excellence Fund.

History by Legislative Date

House Action
11/3
Pre-filed
1/12
First Reading Ways and Means
2/14
Withdrawn
Senate Action
No Action

Bill indexed under the following Subjects:

COMPTROLLER
GRANTS
HIGHER EDUCATION -see also- COMM COLLEGES; MED SCHOOLS; etc.
HIGHER EDUCATION COMMISSION
INCOME TAX
INTEREST
PENALTIES
PUBLICATIONS -see also- MARYLAND REGISTER
REVENUE AND TAXES -see also- DEV FEES & TAXES; specific tax.
STUDENTS
TUITION

Bill affects the following Statutes:

Education
( 18-301 , 18-304 , 18-310 )
Tax - General
( 2-608.2 , 2-609 , 10-105 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled
Fiscal Note: Not available at this time
Amendments: None offered