HOUSE BILL 29

File Code: Taxes - Income

Sponsored By:

Delegate Simmons

Entitled:

Individual Income Tax - Rate and Personal Exemptions

Synopsis:

Increasing from 4.75% to 5% the top marginal rate under the State individual income tax; reducing from $2,400 to $1,200 the amount allowed as a deduction for specified personal exemptions under the Maryland income tax for individuals with federal adjusted gross income exceeding $100,000 but not exceeding $200,000; disallowing deductions for specified personal exemptions for individuals with federal adjusted gross income in excess of $200,000; applying the Act to tax years after 2007; etc.

History by Legislative and Calendar Date

House Action

10/29

First Reading Ways and Means

10/30

Hearing 11/3 at 10:00 a.m.

Senate Action

No Action

Bill indexed under the following Subjects:

Exemptions

Income Tax

Bill affects the following Statutes:

Tax - General

( 10-105 , 10-211 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled

Fiscal and Policy Note (Displayed in PDF Format): Available

Amendments: None offered