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2018 Regular Session



Income Tax - Subtraction Modification - First-Time Homebuyer Savings Accounts

Sponsored by:

Delegate Morales


In the House - Hearing 2/14 at 1:00 p.m.

Synopsis:Allowing a subtraction modification under the Maryland income tax for contributions to a certain first-time homebuyer savings account during a taxable year and certain earnings on the account; providing that an account holder may claim the subtraction modification under certain circumstances; providing that transfers of money to or from the account are subject to certain requirements and limitations; applying the Act to all taxable years beginning after December 31, 2017; etc.
Analysis:Fiscal and Policy Note
All Sponsors:Delegates Morales, Ali, Angel, Ebersole, Gutierrez, Hettleman, C. Howard, Korman, Krimm, Lafferty, J. Lewis, R. Lewis, Luedtke, Moon, Mosby, Patterson, Pena-Melnyk, Sanchez, Tarlau, Valderrama, M. Washington, and Wilkins
Additional Facts:Cross-filed with: SB0972
Introduced in a prior session as: HB0230 Session: 2017 Regular Session
Bill File Type: Regular
Effective Date(s): July 1, 2018
Ways and Means  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Comptroller
Financial Institutions -see also- Banks; Credit Unions; etc.
Income Tax
Investments -see also- Securities
Records -see also- Land Records; Vital Records
Rules and Regulations
Statutes:Article - Tax - General

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February 15, 2018 12:21 P.M.