Bill > SB717

This bill allows, subject to certain limitations, a subtraction modification under the Maryland income tax for certain personal casualty losses related to a theft or fraud scheme. Specifically, it allows taxpayers to subtract the amount of any personal casualty loss related to a theft or fraud scheme that was allowed as a deduction under the Internal Revenue Code before January 1, 2018, as well as any expenses or penalties incurred related to the theft or fraud scheme. To qualify, the taxpayer must attach a police report or affidavit establishing that the theft or fraud scheme occurred. The subtraction is reduced by the amount of any deduction related to the theft or fraud scheme that is allowed under the Internal Revenue Code for that taxable year. The bill applies to taxable years beginning after December 31, 2023.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0717?ys=2024RS