SENATE BILL 640

Sponsored By:

Senators Pinsky and Sfikas

Entitled:

Individual Income Tax - Rates

Synopsis:

Altering the rates and rate brackets under the Maryland individual income tax as follows: for joint and other specified returns, taxing income of $2,001 to $10,000 at 4%, $10,001 to $150,000 at 5%, $150,001 to $275,000 at 6%, $275,001 to $400,000 at 6.5%, and above $400,000 at 7%; for other returns, taxing income of $2,001 to $5,000 at 4%, $5,001 to $100,000 at 5%, $100,001 to $175,000 at 6%, $175,001 to $250,000 at 6.5%, and above $250,000 at 7%; and applying the Act to tax years after 1996.

Legislative History

Senate Action

2/2

First Reading Budget and Taxation

2/28

Hearing 3/15 at 12:00 p.m.

3/6

Hearing cancelled

Hearing 3/15 at 2:00 p.m.

House Action

No Action

Sponsored by:

Senator Paul G. Pinsky, District 22

Senator Perry Sfikas, District 46

Bill indexed under the following Subject:

INCOME TAX

Bill affects the following Statute:

Tax - General

( 10-105 )

Documents:

Bill Text:

First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None available