HOUSE BILL 640

Sponsored By:

Delegates Serafini, Dwyer, Glass, Ready, Afzali, Barve, Boteler, Cardin, Frick, George, Hixson, Howard, Ivey, Kaiser, Luedtke, A. Miller, Myers, Rosenberg, Ross, Stukes, F. Turner, and Walker

Entitled:

Income Tax - Subtraction Modification - Credit Card Debt Forgiveness

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; applying the Act to tax years after 2011; etc.

History by Legislative and Calendar Date

House Action

2/8

First Reading Ways and Means

Hearing 2/28 at 1:00 p.m.

3/24

Favorable with Amendments Report by Ways and Means

3/21

Favorable with Amendments {945568/1 Report Adopted

Second Reading Passed with Amendments

3/22

Third Reading Passed (132-0)

Senate Action

3/22

First Reading Budget and Taxation

3/29

Hearing 4/4 at 1:00 p.m.

Sponsored by:

Delegate Andrew A. Serafini, District 2A

Delegate Kathy Afzali, District 4A

Delegate Kumar P. Barve, District 17

Delegate Joseph C. Boteler, III, District 8

Delegate Jon S. Cardin, District 11

Delegate Don H. Dwyer, Jr., District 31

Delegate C. William Frick, District 16

Delegate Ron George, District 30

Delegate Glen Glass, District 34A

Delegate Sheila E. Hixson, District 20

Delegate Carolyn J. B. Howard, District 24

Delegate Jolene Ivey, District 47

Delegate Anne R. Kaiser, District 14

Delegate Eric G. Luedtke, District 14

Delegate Aruna Miller, District 15

Delegate LeRoy E. Myers, Jr., District 1C

Delegate Justin Ready, District 5A

Delegate Samuel I. Rosenberg, District 41

Delegate Justin D. Ross, District 22

Delegate Melvin L. Stukes, District 44

Delegate Frank S. Turner, District 13

Delegate Jay Walker, District 26

Bill indexed under the following Subjects:

Credit

Debt Management

Exemptions

Income Tax

Bill affects the following Statutes:

Tax - General

( 10-207 , 10-207 )

Documents

Bill Text: First Reading, Third Reading, Enrolled

Fiscal and Policy Note: Available

Amendments:

House

Number: 945568/01     Offered on: March 24, 2012   at: 5:22 p.m.     Status: Adopted

Committee Votes :

House

Ways and Means

Roll Call Vote (Legislative date is shown):

House

March 22, 2012: Third Reading Passed (132-0)