SENATE BILL 553

File Code: Taxes - Income Crossfiled with: HOUSE BILL 207

Sponsored By:

Senators Van Hollen, Currie, Forehand, Frosh, Lawlah, and McFadden

Entitled:

Income Tax - Credit for Child and Dependent Care Expenses

Synopsis:

Altering the State income tax credit for child and dependent care expenses to equal 50% of the federal child and dependent care credit, increasing the credit by 10% each year until reaching 100% of the federal credit; increasing from $50,000 to $70,000 the maximum income for eligibility for the credit and from $25,000 to $35,000 in the case of a married individual filing a separate return; altering income levels at which the credit is phased out; applying the Act to tax years after 2001; etc.

History by Legislative Date

Senate Action

2/1

First Reading Budget and Taxation

2/5

Hearing 2/13 at 1:30 p.m.

3/21

Unfavorable Report by Budget and Taxation

House Action

No Action

Sponsored by:

Senator Christopher Van Hollen, Jr., District 18

Senator Ulysses Currie, District 25

Senator Jennie M. Forehand, District 17

Senator Brian E. Frosh, District 16

Senator Gloria Lawlah, District 26

Senator Nathaniel J. McFadden, District 45

Bill indexed under the following Subjects:

DAY CARE

INCOME TAX

TAX CREDITS -see also- CIRCUIT BREAKER

Bill affects the following Statute:

Tax - General

( 10-716 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered