Bill
Bill > HB463
summary
Introduced
01/25/2018
01/25/2018
In Committee
01/25/2018
01/25/2018
Crossed Over
Passed
Dead
04/09/2018
04/09/2018
Introduced Session
2018 Regular Session
Bill Summary
Allowing a subtraction modification under the Maryland income tax for contributions to a certain first-time homebuyer savings account during a taxable year and certain earnings on the account; providing that an account holder may claim the subtraction modification under certain circumstances; providing that transfers of money to or from the account are subject to certain requirements and limitations; applying the Act to all taxable years beginning after December 31, 2017; etc.
AI Summary
This bill allows a subtraction modification under the Maryland income tax for contributions to a first-time homebuyer savings account and certain earnings on the account. The account holder can claim the subtraction for up to 10 years, with a $50,000 cap on total earnings. The funds must be used for the eligible costs of purchasing a home in Maryland by a qualified beneficiary who has not owned a home in the state in the last 7 years. The bill also outlines requirements and limitations on transfers to and from the account, as well as penalties for withdrawing funds for non-eligible purposes. The Comptroller is required to adopt regulations to implement the provisions of the bill, which applies to all taxable years beginning after December 31, 2017.
Committee Categories
Budget and Finance
Sponsors (22)
Marice Morales (D)*,
Bilal Ali (D),
Angela Angel (D),
Eric Ebersole (D),
Ana Gutierrez (D),
Shelly Hettleman (D),
Carolyn Howard (D),
Marc Korman (D),
Carol Krimm (D),
Stephen Lafferty (D),
Jazz Lewis (D),
Robbyn Lewis (D),
Eric Luedtke (D),
David Moon (D),
Nick Mosby (D),
Edith Patterson (D),
Joseline Peña-Melnyk (D),
Carlo Sanchez (D),
Jimmy Tarlau (D),
Kris Valderrama (D),
Mary Washington (D),
Jheanelle Wilkins (D),
Last Action
Hearing 2/14 at 1:00 p.m. (on 02/14/2018)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0463?ys=2018rs |
| State Bill Page | http://mgaleg.maryland.gov/webmga/frmMain.aspx?id=hb0463&stab=01&pid=billpage&tab=subject3&ys=2018rs |
| Fiscal Note/Analysis | http://mgaleg.maryland.gov/2018RS/fnotes/bil_0003/hb0463.pdf |
| BillText | http://mgaleg.maryland.gov/2018RS/bills/hb/hb0463f.pdf |
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