| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | 3 | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTING LA W. | |
| 4 | 4 | [Brackets] indicate matter deleted from existing law. | |
| 5 | - | Underlining indicates amendments to bill. | |
| 6 | - | Strike out indicates matter stricken from the bill by amendment or deleted from the law by | |
| 7 | - | amendment. | |
| 8 | 5 | *sb0251* | |
| 9 | 6 | ||
| 10 | 7 | SENATE BILL 251 | |
| 11 | 8 | Q3 2lr1224 | |
| 12 | 9 | SB 287/21 – B&T CF HB 186 | |
| 13 | - | By: Senator Hayes Senators Hayes, Corderman, Eckardt, Edwards, Elfreth, | |
| 14 | - | Griffith, Guzzone, Jackson, King, McCray, Rosapepe, Salling, Young, and | |
| 15 | - | Zucker | |
| 10 | + | By: Senator Hayes | |
| 16 | 11 | Introduced and read first time: January 14, 2022 | |
| 17 | 12 | Assigned to: Budget and Taxation | |
| 18 | - | Committee Report: Favorable with amendments | |
| 19 | - | Senate action: Adopted | |
| 20 | - | Read second time: March 4, 2022 | |
| 21 | 13 | ||
| 22 | - | ||
| 14 | + | A BILL ENTITLED | |
| 23 | 15 | ||
| 24 | 16 | AN ACT concerning 1 | |
| 25 | 17 | ||
| 26 | 18 | Income Tax – Subtraction Modification for Centenarians 2 | |
| 27 | 19 | ||
| 28 | 20 | FOR the purpose of authorizing a subtraction modification under the Maryland income tax 3 | |
| 29 | 21 | for up to a certain amount of income received by an individual who is at least a 4 | |
| 30 | 22 | certain age; and generally relating to a subtraction modification under the Maryland 5 | |
| 31 | 23 | income tax for centenarians. 6 | |
| 32 | 24 | ||
| 33 | 25 | BY repealing and reenacting, without amendments, 7 | |
| 34 | 26 | Article – Tax – General 8 | |
| 35 | 27 | Section 10–207(a) 9 | |
| 36 | 28 | Annotated Code of Maryland 10 | |
| 37 | 29 | (2016 Replacement Volume and 2021 Supplement) 11 | |
| 38 | 30 | ||
| 39 | 31 | BY adding to 12 | |
| 40 | 32 | Article – Tax – General 13 | |
| 41 | 33 | Section 10–207(mm) 14 | |
| 42 | 34 | Annotated Code of Maryland 15 | |
| 43 | 35 | (2016 Replacement Volume and 2021 Supplement) 16 | |
| 44 | 36 | ||
| 45 | 37 | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 17 | |
| 46 | 38 | That the Laws of Maryland read as follows: 18 | |
| 47 | 39 | ||
| 48 | - | Article – Tax – General 19 2 SENATE BILL 251 | |
| 40 | + | Article – Tax – General 19 | |
| 41 | + | ||
| 42 | + | 10–207. 20 | |
| 43 | + | ||
| 44 | + | (a) To the extent included in federal adjusted gross income, the amounts under 21 | |
| 45 | + | this section are subtracted from the federal adjusted gross income of a resident to determine 22 | |
| 46 | + | Maryland adjusted gross income. 23 | |
| 47 | + | 2 SENATE BILL 251 | |
| 49 | 48 | ||
| 50 | 49 | ||
| 50 | + | (MM) THE SUBTRACTION UNDER SUBSECTION (A) OF THIS SECTION INCL UDES 1 | |
| 51 | + | THE FIRST $50,000 OF INCOME RECEIVED B Y AN INDIVIDUAL DURI NG A TAXABLE 2 | |
| 52 | + | YEAR IF THE INDIVIDU AL IS AT LEAST 100 YEARS OLD ON THE LAS T DAY OF THE 3 | |
| 53 | + | TAXABLE YEAR . 4 | |
| 51 | 54 | ||
| 52 | - | 10–207. 1 | |
| 55 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 5 | |
| 56 | + | 1, 2022, and shall be applicable to all taxable years beginning after December 31, 2021. 6 | |
| 53 | 57 | ||
| 54 | - | (a) To the extent included in federal adjusted gross income, the amounts under 2 | |
| 55 | - | this section are subtracted from the federal adjusted gross income of a resident to determine 3 | |
| 56 | - | Maryland adjusted gross income. 4 | |
| 57 | - | ||
| 58 | - | (MM) THE SUBTRACTION UNDER SUBSE CTION (A) OF THIS SECTION INCL UDES 5 | |
| 59 | - | THE FIRST $50,000 $100,000 OF INCOME RECEIVED B Y AN INDIVIDUAL DURI NG A 6 | |
| 60 | - | TAXABLE YEAR IF THE INDIVIDUAL IS AT LEA ST 100 YEARS OLD ON THE LAS T DAY OF 7 | |
| 61 | - | THE TAXABLE YEAR . 8 | |
| 62 | - | ||
| 63 | - | SECTION 2. AND BE IT FURTHER ENAC TED, That this Act shall take effect July 9 | |
| 64 | - | 1, 2022, and shall be applicable to all taxable years beginning after December 31, 2021. 10 | |
| 65 | - | ||
| 66 | - | ||
| 67 | - | ||
| 68 | - | ||
| 69 | - | ||
| 70 | - | Approved: | |
| 71 | - | ________________________________________________________________________________ | |
| 72 | - | Governor. | |
| 73 | - | ________________________________________________________________________________ | |
| 74 | - | President of the Senate. | |
| 75 | - | ________________________________________________________________________________ | |
| 76 | - | Speaker of the House of Delegates. |