Maryland 2024 Regular Session

Maryland House Bill HB803 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	hb0803
6	6
7	7	HOUSE BILL 803
8	8	Q3 4lr2486
9	9	CF SB 748
10	10	By: Delegates Buckel, Adams, Anderton, Arentz, Baker, Bouchat , Chisholm,
11	11	Ciliberti, Ghrist, Griffith, Hartman, Hornberger, Howard, Hutchinson,
12	12	Jacobs, Kipke, R. Long, Mangione, McComas, Metzgar, Miller, M. Morgan,
13	13	T. Morgan, Munoz, Nawrocki, Otto, Pippy, Reilly, Rose, Schmidt, Stonko,
14	14	Szeliga, Tomlinson, Valentine, and Wivell
15	15	Introduced and read first time: January 31, 2024
16	16	Assigned to: Ways and Means
17	17
18	18	A BILL ENTITLED
19	19
20	20	AN ACT concerning 1
21	21
22	22	Income Tax – Alteration of Brackets and Rates 2
23	23	(Economic Prosperity Act of 2024) 3
24	24
25	25	FOR the purpose of altering the rates and rate brackets under the State income tax on 4
26	26	certain income of individuals; and generally relating to the State individual income 5
27	27	tax. 6
28	28
29	29	BY repealing and reenacting, with amendments, 7
30	30	Article – Tax – General 8
31	31	Section 10–105(a) 9
32	32	Annotated Code of Maryland 10
33	33	(2022 Replacement Volume and 2023 Supplement) 11
34	34
35	35	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12
36	36	That the Laws of Maryland read as follows: 13
37	37
38	38	Article – Tax – General 14
39	39
40	40	10–105. 15
41	41
42	42	(a) (1) For an individual other than an individual described in paragraph (2) 16
43	43	of this subsection, the State income tax rate is: 17
44	44
45	45	(i) [2%] 4% of Maryland taxable income of [$1] $15,000 through 18
46	46	[$1,000] $75,000; 19
47	47	2 HOUSE BILL 803
48	48
49	49
50	50	(ii) [3%] 4.5% of Maryland taxable income of [$1,001] $75,001 1
51	51	through [$2,000] $150,000; 2
52	52
53	53	(iii) [4%] 4.75% of Maryland taxable income of [$2,001] $150,001 3
54	54	through [$3,000] $200,000; 4
55	55
56	56	(iv) [4.75%] 5% of Maryland taxable income of [$3,001] $200,001 5
57	57	through [$100,000] $300,000; 6
58	58
59	59	(v) [5%] 5.5% of Maryland taxable income of [$100,001] $300,001 7
60	60	through [$125,000] $350,000; AND 8
61	61
62	62	(vi) [5.25%] 5.75% of Maryland taxable income [of $125,001 through 9
63	63	$150,000; 10
64	64
65	65	(vii) 5.5% of Maryland taxable income of $150,001 through $250,000; 11
66	66	and 12
67	67
68	68	(viii) 5.75% of Maryland taxable income in excess of $250,000] IN 13
69	69	EXCESS OF $350,000. 14
70	70
71	71	(2) For spouses filing a joint return or for a surviving spouse or head of 15
72	72	household as defined in § 2 of the Internal Revenue Code, the State income tax rate is: 16
73	73
74	74	(i) [2%] 4% of Maryland taxable income of [$1] $30,000 through 17
75	75	[$1,000] $90,000; 18
76	76
77	77	(ii) [3%] 4.5% of Maryland taxable income of [$1,001] $90,001 19
78	78	through [$2,000] $200,000; 20
79	79
80	80	(iii) [4%] 4.75% of Maryland taxable income of [$2,001] $200,001 21
81	81	through [$3,000] $250,000; 22
82	82
83	83	(iv) [4.75%] 5% of Maryland taxable income of [$3,001] $250,001 23
84	84	through [$150,000] $350,000; 24
85	85
86	86	(v) [5%] 5.5% of Maryland taxable income of [$150,001] $350,001 25
87	87	through [$175,000] $400,000; AND 26
88	88
89	89	(vi) [5.25%] 5.75% of Maryland taxable income [of $175,001 through 27
90	90	$225,000; 28
91	91
92	92	(vii) 5.5% of Maryland taxable income of $225,001 through $300,000; 29
93	93	and 30
94	94	HOUSE BILL 803 3
95	95
96	96
97	97	(viii) 5.75% of Maryland taxable income in excess of $300,000] IN 1
98	98	EXCESS OF $400,000. 2
99	99
100	100	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 3
101	101	1, 2024, and shall be applicable to all taxable years beginning after December 31, 2023. 4