Passed BothConf. Cmte
- Income Tax - Subtraction Modification - Catastrophe Savings Accounts
- Sponsored by
- Senator Guzzone
- In the Senate - Hearing 2/05 at 2:00 p.m.
- Fiscal and Policy Note
Allowing a subtraction modification under the Maryland income tax for certain deposits into certain catastrophe savings accounts and the interest earnings of the account; providing for the maximum amount that may be maintained in a catastrophe saving account; requiring an account holder that withdraws funds from an account for an ineligible purpose to add the funds back to the account holder's federal adjusted gross income and pay a 2.5% penalty; prohibiting a taxpayer from establishing more than one catastrophe savings account; etc.
Bill File Type: Regular
Effective Date(s): July 1, 2020
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( 10-205, 10-208 )
Last Updated: 9/22/2020 3:00 PM