HB0123

2013 Regular Session

 

Entitled:

Income Tax - Subtraction Modification - Credit Card Debt Forgiveness

Sponsored by:

Delegate Serafini

Status:

In the Senate - Hearing 4/04 at 1:00 p.m.


Synopsis:Allowing an individual a subtraction modification under the Maryland income tax for income from the cancellation of consumer credit card debt unless the individual's federal adjusted gross income exceeds $50,000 for an individual or $80,000 for a married couple filing a joint return; providing that the amount of the subtraction modification may not exceed $5,000 for an individual or $8,000 for a married couple filing a joint return; and applying the Act to tax years after 2012.
Analysis:Fiscal and Policy Note
All Sponsors:Delegate Serafini
Additional Facts:Introduced in a prior session as: HB0640 Session: 2012 Regular Session
Bill File Type: Regular
Effective Date(s): July 1, 2013
Committee(s):
Ways and Means  View Committee HearingBudget and Taxation  Listen to Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Credit
Debt Management
Exemptions
Income Tax
Statutes:Article - Tax - General
(10-207)

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Legislative Lingo

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October 24, 2017 1:00 P.M.