1997 Regular Session

HOUSE BILL 50

File Code: Income Prior Year Introduction As: HB 154/96 - W&M
Sponsored By:
Delegates Leopold, Bozman, McKee, Finifter, Beck, Rzepkowski, Ports, Greenip, and Cryor
Entitled:
Income Tax - Subtraction Modification for Interest on Student Loans

Synopsis:

Providing a subtraction modification under the Maryland individual income tax for interest paid on indebtedness incurred to pay specified costs for an individual or a dependent of an individual to attend an institution of higher education in the State if the total tuition, fees, room, and board exceed 25% of the individual's federal adjusted gross income; providing an exception for qualified residence interest if the individual itemizes deductions; and applying the Act to taxable years after 1996.

Legislative History

House Action
8/7
Pre-filed
1/8
First Reading Ways and Means
1/15
Hearing 1/23 at 1:30 p.m.
3/18
Unfavorable Report by Ways and Means
Senate Action
No Action
Sponsored by:
Delegate John R. Leopold, District 31
Delegate Raymond Beck, District 39
Delegate K. Bennett Bozman, District 38
Delegate Jean B. Cryor, District 15
Delegate Michael J. Finifter, District 11
Delegate Janet Greenip, District 33
Delegate Robert A. McKee, District 2A
Delegate James F. Ports, Jr., District 8
Delegate James E. Rzepkowski, District 32
Bill indexed under the following Subjects:
EXEMPTIONS
HIGHER EDUCATION -see also- STATE UNIVERSITIES AND COLLEGES.
INCOME TAX
INTEREST
LOANS
STUDENTS
TUITION
Bill affects the following Statutes:
Tax - General
( 10-208 , 10-208 )

Documents:

Bill Text:
First Reading (PDF), Third Reading, Enrolled
Fiscal Note: Available (PDF)