Bill > HB1007

This bill, the Fair Share for Maryland Act of 2024: - Alters the estate tax by reducing the unified credit used for determining the estate tax for decedents dying on or after January 1, 2025, and limiting the amount of the estate tax. - Requires certain sales of tangible personal property to be included in the sales factor used for apportioning a corporation's income to the state for tax years beginning after December 31, 2025. - Increases the state income tax rate on Maryland taxable income over $250,000 for individuals and over $300,000 for married couples filing jointly, with the top rate reaching 7% on income over $1 million. - Imposes an 8.25% tax on the distributive share or pro rata share of income over $1 million distributed to members of pass-through entities like S corporations and partnerships. - Provides a refundable state earned income tax credit of up to 45% of the federal earned income tax credit. - Increases the child tax credit and makes it available to higher-income families. - Requires combined reporting for corporations engaged in a unitary business, with the combined group filing a single tax return.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1007?ys=2024RS