Legislation

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.

Committees

Original:: Budget and Taxation Click to view Recorded Media

Committee Testimony

Witness List

Details

Introduced in a prior session as: SB0611 Session: 2019 Regular Session

Bill File Type: Regular

Effective Date(s): July 1, 2020

History

Legislation History
Chamber Senate Calendar Date 1/23/2020 Legislative Date 1/23/2020 Action First Reading Budget and Taxation Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Income Tax - Subtraction Modification - Catastrophe Savings Accounts Proceedings
Chamber Senate Calendar Date 1/23/2020 Legislative Date 1/23/2020 Action Hearing 2/05 at 1:00 p.m. Proceedings
Chamber Senate Calendar Date 1/28/2020 Legislative Date 1/28/2020 Action Hearing canceled Proceedings
Chamber Senate Calendar Date 1/28/2020 Legislative Date 1/28/2020 Action Hearing 2/05 at 2:00 p.m. Proceedings

Chamber	Calendar Date	Legislative Date	Action
Senate	1/23/2020	1/23/2020	First Reading Budget and Taxation
			Text - First - Income Tax - Subtraction Modification - Catastrophe Savings Accounts
Senate	1/23/2020	1/23/2020	Hearing 2/05 at 1:00 p.m.
Senate	1/28/2020	1/28/2020	Hearing canceled
Senate	1/28/2020	1/28/2020	Hearing 2/05 at 2:00 p.m.

File Code

Subjects

Statutes