| Old | New | Differences | |
|---|---|---|---|
| 1 | - | WES MOORE, Governor Ch. 724 | |
| 2 | 1 | ||
| 3 | - | – 1 – | |
| 4 | - | Chapter 724 | |
| 5 | - | (Senate Bill 678) | |
| 6 | 2 | ||
| 7 | - | AN ACT concerning | |
| 3 | + | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. | |
| 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 | + | *sb0678* | |
| 8 | 9 | ||
| 9 | - | Income Tax – Technical Corrections | |
| 10 | + | SENATE BILL 678 | |
| 11 | + | Q3, Q7 4lr2988 | |
| 12 | + | CF HB 453 | |
| 13 | + | By: The President (By Request – Office of the Comptroller) | |
| 14 | + | Introduced and read first time: January 29, 2024 | |
| 15 | + | Assigned to: Budget and Taxation | |
| 16 | + | Committee Report: Favorable | |
| 17 | + | Senate action: Adopted | |
| 18 | + | Read second time: February 17, 2024 | |
| 10 | 19 | ||
| 11 | - | FOR the purpose of repealing certain obsolete provisions of law concerning the distribution | |
| 12 | - | of income tax revenue; correcting a certain erroneous cross–reference; and generally | |
| 13 | - | relating to technical corrections of provisions of law concerning income taxation. | |
| 20 | + | CHAPTER ______ | |
| 14 | 21 | ||
| 15 | - | BY repealing | |
| 16 | - | Article – Tax – General | |
| 17 | - | Section 2–608.1 and 2–610(d) | |
| 18 | - | Annotated Code of Maryland | |
| 19 | - | (2022 Replacement Volume and 2023 Supplement) | |
| 22 | + | AN ACT concerning 1 | |
| 20 | 23 | ||
| 21 | - | BY repealing and reenacting, with amendments, | |
| 22 | - | Article – Tax – General | |
| 23 | - | Section 2–609 and 10–753(b) | |
| 24 | - | Annotated Code of Maryland | |
| 25 | - | (2022 Replacement Volume and 2023 Supplement) | |
| 24 | + | Income Tax – Technical Corrections 2 | |
| 26 | 25 | ||
| 27 | - | SECTION 1. BE IT ENACT ED BY THE GENERAL ASSEMBLY OF MARYLAND, | |
| 28 | - | That the Laws of Maryland read as follows: | |
| 26 | + | FOR the purpose of repealing certain obsolete provisions of law concerning the distribution 3 | |
| 27 | + | of income tax revenue; correcting a certain erroneous cross–reference; and generally 4 | |
| 28 | + | relating to technical corrections of provisions of law concerning income taxation. 5 | |
| 29 | 29 | ||
| 30 | - | Article – Tax – General | |
| 30 | + | BY repealing 6 | |
| 31 | + | Article – Tax – General 7 | |
| 32 | + | Section 2–608.1 and 2–610(d) 8 | |
| 33 | + | Annotated Code of Maryland 9 | |
| 34 | + | (2022 Replacement Volume and 2023 Supplement) 10 | |
| 31 | 35 | ||
| 32 | - | [2–608.1. | |
| 36 | + | BY repealing and reenacting, with amendments, 11 | |
| 37 | + | Article – Tax – General 12 | |
| 38 | + | Section 2–609 and 10–753(b) 13 | |
| 39 | + | Annotated Code of Maryland 14 | |
| 40 | + | (2022 Replacement Volume and 2023 Supplement) 15 | |
| 33 | 41 | ||
| 34 | - | (a) In this section, “municipality” means: | |
| 42 | + | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 16 | |
| 43 | + | That the Laws of Maryland read as follows: 17 | |
| 35 | 44 | ||
| 36 | - | (1) a special taxing district that received an income tax revenue | |
| 37 | - | distribution in fiscal year 1977; or | |
| 45 | + | Article – Tax – General 18 | |
| 38 | 46 | ||
| 39 | - | (2) a municipal corporation. | |
| 47 | + | [2–608.1. 19 | |
| 48 | + | 2 SENATE BILL 678 | |
| 40 | 49 | ||
| 41 | - | (b) For fiscal year 1990, after making the distributions required under § 2–604 | |
| 42 | - | through § 2–608 of this subtitle, the Comptroller shall distribute to each municipality the | |
| 43 | - | amount, if any, by which: | |
| 44 | 50 | ||
| 45 | - | (1) a $2 per capita increase over the amount distributed to the municipality | |
| 46 | - | under § 2–607 of this subtitle for the 1986 taxable year, based on the most recent census | |
| 47 | - | data available from the Department of Planning; exceeds | |
| 48 | - | Ch. 724 2024 LAWS OF MARYLAND | |
| 51 | + | (a) In this section, “municipality” means: 1 | |
| 49 | 52 | ||
| 50 | - | – 2 – | |
| 51 | - | (2) the amount distributed to the municipality under § 2–607 of this | |
| 52 | - | subtitle for the 1988 taxable year.] | |
| 53 | + | (1) a special taxing district that received an income tax revenue 2 | |
| 54 | + | distribution in fiscal year 1977; or 3 | |
| 53 | 55 | ||
| 54 | - | 2 | |
| 56 | + | (2) a municipal corporation. 4 | |
| 55 | 57 | ||
| 56 | - | After making the distributions required under §§ 2–604 through [2–608.1] 2–608 of | |
| 57 | - | this subtitle, and after making the distributions required under §§ 7–329 and 7–330 of the | |
| 58 | - | State Finance and Procurement Article, the Comptroller shall distribute the remaining | |
| 59 | - | income tax revenue from individuals to the General Fund of the State. | |
| 58 | + | (b) For fiscal year 1990, after making the distributions required under § 2–604 5 | |
| 59 | + | through § 2–608 of this subtitle, the Comptroller shall distribute to each municipality the 6 | |
| 60 | + | amount, if any, by which: 7 | |
| 60 | 61 | ||
| 61 | - | 2–610. | |
| 62 | + | (1) a $2 per capita increase over the amount distributed to the municipality 8 | |
| 63 | + | under § 2–607 of this subtitle for the 1986 taxable year, based on the most recent census 9 | |
| 64 | + | data available from the Department of Planning; exceeds 10 | |
| 62 | 65 | ||
| 63 | - | [(d) The Comptroller shall make a payment of the additional amounts provided | |
| 64 | - | under § 2–608.1 of this subtitle on or about December 31 of the fiscal year for which the | |
| 65 | - | payment is made.] | |
| 66 | + | (2) the amount distributed to the municipality under § 2–607 of this 11 | |
| 67 | + | subtitle for the 1988 taxable year.] 12 | |
| 66 | 68 | ||
| 67 | - | ||
| 69 | + | 2–609. 13 | |
| 68 | 70 | ||
| 69 | - | | |
| 70 | - | ||
| 71 | - | ||
| 72 | - | ||
| 71 | + | After making the distributions required under §§ 2–604 through [2–608.1] 2–608 of 14 | |
| 72 | + | this subtitle, and after making the distributions required under §§ 7–329 and 7–330 of the 15 | |
| 73 | + | State Finance and Procurement Article, the Comptroller shall distribute the remaining 16 | |
| 74 | + | income tax revenue from individuals to the General Fund of the State. 17 | |
| 73 | 75 | ||
| 74 | - | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July | |
| 75 | - | 1, 2024. | |
| 76 | + | 2–610. 18 | |
| 76 | 77 | ||
| 77 | - | Approved by the Governor, May 16, 2024. | |
| 78 | + | [(d) The Comptroller shall make a payment of the additional amounts provided 19 | |
| 79 | + | under § 2–608.1 of this subtitle on or about December 31 of the fiscal year for which the 20 | |
| 80 | + | payment is made.] 21 | |
| 81 | + | ||
| 82 | + | 10–753. 22 | |
| 83 | + | ||
| 84 | + | (b) An individual, a nonprofit organization, or a business entity may claim a 23 | |
| 85 | + | credit against the State income tax in accordance with Title 6, Subtitle [8] 9 of the Housing 24 | |
| 86 | + | and Community Development Article for new construction costs and rehabilitation costs 25 | |
| 87 | + | for catalytic revitalization projects. 26 | |
| 88 | + | ||
| 89 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 27 | |
| 90 | + | 1, 2024. 28 | |
| 91 | + |