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2018 Regular Session



Income Tax Subtraction Modification - College Savings Plan Accounts - Contributions (College Savings Tax Enhancement Act)

Sponsored by:

Senator King


In the Senate - Hearing 2/28 at 1:00 p.m.

Synopsis:Increasing, from $2,500 to $5,000, the amount of a subtraction modification under the Maryland income tax for contributions made by certain individuals whose federal adjusted gross income does not exceed $225,000 or, in the case of a single individual or a married individual filing a separate return, $150,000 to certain college savings plan accounts; applying the Act to taxable years beginning after December 31, 2017; etc.
Analysis:Fiscal and Policy Note
All Sponsors:Senators King, Feldman, Guzzone, Kagan, Lee, Manno, Peters, Robinson, Young, and Zucker
Additional Facts:Cross-filed with: HB0131
Bill File Type: Regular
Effective Date(s): July 1, 2018
Budget and Taxation  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Exemptions
Higher Education -see also- Comm Colleges; Med Schools; etc.
Income Tax
Statutes:Article - Tax - General

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March 1, 2018 10:16 A.M.