Legislation

Title: Income Tax – Subtraction Modification – First–Time Homebuyer Savings Accounts
Sponsored by: Delegate Brooks
Status: Enacted under Article II, Section 17(c) of the Maryland Constitution - Chapter 512
Analysis: Fiscal and Policy Note (Revised)

Synopsis

Allowing a subtraction modification under the Maryland income tax for contributions to a certain first-time homebuyer savings account during a taxable year and certain earnings on the account; providing that an account holder may claim the subtraction modification under certain circumstances; providing that transfers of money to or from the account are subject to certain requirements and limitations; applying the Act to all taxable years beginning after December 31, 2020; etc.

Committees

Original:: Ways and Means Click to view Recorded Media

Opposite:: Budget and Taxation Click to view Recorded Media

Committee Testimony

Witness List

Details

Introduced in a prior session as: HB0463 Session: 2018 Regular Session

Bill File Type: Regular

Effective Date(s): July 1, 2021

History

Legislation History
Chamber House Calendar Date 2/08/2021 Legislative Date 2/08/2021 Action First Reading Ways and Means Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Income Tax – Subtraction Modification – First–Time Homebuyer Savings Accounts Proceedings
Chamber House Calendar Date 2/09/2021 Legislative Date 2/09/2021 Action Hearing 3/11 at 1:30 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - House - Committee - Ways and Means Proceedings Click to view Recorded Media
Chamber House Calendar Date 3/20/2021 Legislative Date 3/20/2021 Action Favorable with Amendments Report by Ways and Means Proceedings
Chamber House Calendar Date 3/20/2021 Legislative Date 3/09/2021 Action Favorable with Amendments {525169/1 Adopted Proceedings 28 Click to view Recorded Media
Chamber House Calendar Date 3/20/2021 Legislative Date 3/09/2021 Action Second Reading Passed with Amendments Proceedings 28 Click to view Recorded Media
Chamber Calendar Date Legislative Date Action Text - Third - Income Tax – Subtraction Modification – First–Time Homebuyer Savings Accounts Proceedings
Chamber House Calendar Date 3/22/2021 Legislative Date 3/10/2021 Action Third Reading Passed (135-0) Proceedings 29 Click to view Recorded Media
Chamber Senate Calendar Date 3/22/2021 Legislative Date 3/02/2021 Action Referred Budget and Taxation Proceedings 30 Click to view Recorded Media
Chamber Senate Calendar Date 3/23/2021 Legislative Date 3/23/2021 Action Hearing 3/30 at 1:00 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - Senate - Committee - Budget and Taxation Proceedings Click to view Recorded Media
Chamber Senate Calendar Date 4/02/2021 Legislative Date 4/02/2021 Action Favorable Report by Budget and Taxation Proceedings
Chamber Senate Calendar Date 4/05/2021 Legislative Date 3/13/2021 Action Favorable Adopted Proceedings 40 Click to view Recorded Media
Chamber Senate Calendar Date 4/05/2021 Legislative Date 3/13/2021 Action Second Reading Passed Proceedings 40 Click to view Recorded Media
Chamber Senate Calendar Date 4/06/2021 Legislative Date 3/14/2021 Action Third Reading Passed (47-0) Proceedings 41 Click to view Recorded Media
Chamber House Calendar Date 4/06/2021 Legislative Date 3/21/2021 Action Returned Passed Proceedings 40 Click to view Recorded Media
Chamber Post Passage Calendar Date 5/30/2021 Legislative Date 5/30/2021 Action Enacted under Article II, Section 17(c) of the Maryland Constitution - Chapter 512 Proceedings
Chamber Calendar Date Legislative Date Action Text - Chapter - Income Tax – Subtraction Modification – First–Time Homebuyer Savings Accounts Proceedings

Chamber	Calendar Date	Legislative Date	Action	Proceedings
House	2/08/2021	2/08/2021	First Reading Ways and Means
			Text - First - Income Tax – Subtraction Modification – First–Time Homebuyer Savings Accounts
House	2/09/2021	2/09/2021	Hearing 3/11 at 1:30 p.m.
			Vote - House - Committee - Ways and Means	Click to view Recorded Media
House	3/20/2021	3/20/2021	Favorable with Amendments Report by Ways and Means
House	3/20/2021	3/09/2021	Favorable with Amendments {525169/1 Adopted	28 Click to view Recorded Media
House	3/20/2021	3/09/2021	Second Reading Passed with Amendments	28 Click to view Recorded Media
			Text - Third - Income Tax – Subtraction Modification – First–Time Homebuyer Savings Accounts
House	3/22/2021	3/10/2021	Third Reading Passed (135-0)	29 Click to view Recorded Media
Senate	3/22/2021	3/02/2021	Referred Budget and Taxation	30 Click to view Recorded Media
Senate	3/23/2021	3/23/2021	Hearing 3/30 at 1:00 p.m.
			Vote - Senate - Committee - Budget and Taxation	Click to view Recorded Media
Senate	4/02/2021	4/02/2021	Favorable Report by Budget and Taxation
Senate	4/05/2021	3/13/2021	Favorable Adopted	40 Click to view Recorded Media
Senate	4/05/2021	3/13/2021	Second Reading Passed	40 Click to view Recorded Media
Senate	4/06/2021	3/14/2021	Third Reading Passed (47-0)	41 Click to view Recorded Media
House	4/06/2021	3/21/2021	Returned Passed	40 Click to view Recorded Media
Post Passage	5/30/2021	5/30/2021	Enacted under Article II, Section 17(c) of the Maryland Constitution - Chapter 512
			Text - Chapter - Income Tax – Subtraction Modification – First–Time Homebuyer Savings Accounts

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Statutes