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Legislation

Original
Chamber
1st
Reading
Referral
to Cmte
2nd
Reading
3rd
Reading
Opposite
Chamber
1st
Reading
Referral
to Cmte
2nd
Reading
3rd
Reading
Review in
Original Chamber
Passed Both
Chambers
Conf. Cmte
(if necessary)
To Governor
Title
Income Tax - Subtraction Modification - Catastrophe Savings Accounts
Sponsored by
Senator Guzzone
Status
In the Senate - Hearing 2/05 at 2:00 p.m.
Analysis
Fiscal and Policy Note
Synopsis
Allowing a subtraction modification under the Maryland income tax for certain deposits into certain catastrophe savings accounts and the interest earnings of the account; providing for the maximum amount that may be maintained in a catastrophe saving account; requiring an account holder that withdraws funds from an account for an ineligible purpose to add the funds back to the account holder's federal adjusted gross income and pay a 2.5% penalty; prohibiting a taxpayer from establishing more than one catastrophe savings account; etc.
Committees
Original:
Budget and Taxation  
Committee Testimony
Details
Introduced in a prior session as: SB0611 Session: 2019 Regular Session
Bill File Type: Regular
Effective Date(s): July 1, 2020
History
Legislation History
Chamber
Senate
Calendar Date
1/23/2020
Legislative Date
1/23/2020
Action
First Reading Budget and Taxation
Proceedings
Chamber
Calendar Date
Legislative Date
Action
Text - First - Income Tax - Subtraction Modification - Catastrophe Savings Accounts
Proceedings
Chamber
Senate
Calendar Date
1/23/2020
Legislative Date
1/23/2020
Action
Hearing 2/05 at 1:00 p.m.
Proceedings
Chamber
Senate
Calendar Date
1/28/2020
Legislative Date
1/28/2020
Action
Hearing canceled
Proceedings
Chamber
Senate
Calendar Date
1/28/2020
Legislative Date
1/28/2020
Action
Hearing 2/05 at 2:00 p.m.
Proceedings
Chamber Calendar Date Legislative Date Action Proceedings
Senate 1/23/2020 1/23/2020 First Reading Budget and Taxation
Text - First - Income Tax - Subtraction Modification - Catastrophe Savings Accounts
Senate 1/23/2020 1/23/2020 Hearing 2/05 at 1:00 p.m.
Senate 1/28/2020 1/28/2020 Hearing canceled
Senate 1/28/2020 1/28/2020 Hearing 2/05 at 2:00 p.m.
File Code
Subjects
Statutes
(   10-205, 10-208 )
Last Updated: 9/22/2020 3:00 PM