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2018 Regular Session



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

Sponsored by:

Senator Manno


In the House - Hearing 3/28 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:Senators Manno, Feldman, Guzzone, Young, Peters, Madaleno, and Muse
Additional Facts:Cross-filed with: HB0463
Bill File Type: Regular
Effective Date(s): July 1, 2018
Budget and Taxation  View Committee HearingWays 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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March 29, 2018 10:07 A.M.