SENATE BILL 655

Sponsored By:

Senators Pinsky, Teitelbaum, and Trotter

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 $200,000 at 5%, $200,001 to $350,000 at 6%, $350,001 to $500,000 at 6.5%, and above $500,000 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 $200,000 at 6%, $200,001 to $300,000 at 6.5%, and above $300,000 at 7%; providing a grant to counties under specified circumstances; and applying the Act to tax years after 1997.

Legislative History

Senate Action

1/31

First Reading Budget and Taxation

2/5

Hearing 2/19 at 1:30 p.m.

3/28

Unfavorable Report by Budget and Taxation

House Action

No Action

Sponsored by:

Senator Paul G. Pinsky, District 22

Senator Leonard H. Teitelbaum, District 19

Senator Decatur W. Trotter, District 24

Bill indexed under the following Subjects:

COUNTIES -see also- CHARTERED COUNTIES; CODE COUNTIES

INCOME TAX

Bill affects the following Statutes:

Tax - General

( 2-608 , 10-105 )

Documents:

Bill Text:

First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)