Maryland 2024 Regular Session

Maryland Senate Bill SB748 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	sb0748
6	6
7	7	SENATE BILL 748
8	8	Q3 4lr2489
9	9	CF HB 803
10	10	By: Senators Corderman, Hershey, Ready, Bailey, Carozza, Folden, Gallion,
11	11	Jennings, Mautz, McKay, Salling, Simonaire, and West
12	12	Introduced and read first time: February 1, 2024
13	13	Assigned to: Budget and Taxation
14	14
15	15	A BILL ENTITLED
16	16
17	17	AN ACT concerning 1
18	18
19	19	Income Tax – Alteration of Brackets and Rates 2
20	20	(Economic Prosperity Act of 2024) 3
21	21
22	22	FOR the purpose of altering the rates and rate brackets under the State income tax on 4
23	23	certain income of individuals; and generally relating to the State individual income 5
24	24	tax. 6
25	25
26	26	BY repealing and reenacting, with amendments, 7
27	27	Article – Tax – General 8
28	28	Section 10–105(a) 9
29	29	Annotated Code of Maryland 10
30	30	(2022 Replacement Volume and 2023 Supplement) 11
31	31
32	32	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12
33	33	That the Laws of Maryland read as follows: 13
34	34
35	35	Article – Tax – General 14
36	36
37	37	10–105. 15
38	38
39	39	(a) (1) For an individual other than an individual described in paragraph (2) 16
40	40	of this subsection, the State income tax rate is: 17
41	41
42	42	(i) [2%] 4% of Maryland taxable income of [$1] $15,000 through 18
43	43	[$1,000] $75,000; 19
44	44
45	45	(ii) [3%] 4.5% of Maryland taxable income of [$1,001] $75,001 20
46	46	through [$2,000] $150,000; 21
47	47	2 SENATE BILL 748
48	48
49	49
50	50	(iii) [4%] 4.75% of Maryland taxable income of [$2,001] $150,001 1
51	51	through [$3,000] $200,000; 2
52	52
53	53	(iv) [4.75%] 5% of Maryland taxable income of [$3,001] $200,001 3
54	54	through [$100,000] $300,000; 4
55	55
56	56	(v) [5%] 5.5% of Maryland taxable income of [$100,001] $300,001 5
57	57	through [$125,000] $350,000; AND 6
58	58
59	59	(vi) [5.25%] 5.75% of Maryland taxable income [of $125,001 through 7
60	60	$150,000; 8
61	61
62	62	(vii) 5.5% of Maryland taxable income of $150,001 through $250,000; 9
63	63	and 10
64	64
65	65	(viii) 5.75% of Maryland taxable income in excess of $250,000] IN 11
66	66	EXCESS OF $350,000. 12
67	67
68	68	(2) For spouses filing a joint return or for a surviving spouse or head of 13
69	69	household as defined in § 2 of the Internal Revenue Code, the State income tax rate is: 14
70	70
71	71	(i) [2%] 4% of Maryland taxable income of [$1] $30,000 through 15
72	72	[$1,000] $90,000; 16
73	73
74	74	(ii) [3%] 4.5% of Maryland taxable income of [$1,001] $90,001 17
75	75	through [$2,000] $200,000; 18
76	76
77	77	(iii) [4%] 4.75% of Maryland taxable income of [$2,001] $200,001 19
78	78	through [$3,000] $250,000; 20
79	79
80	80	(iv) [4.75%] 5% of Maryland taxable income of [$3,001] $250,001 21
81	81	through [$150,000] $350,000; 22
82	82
83	83	(v) [5%] 5.5% of Maryland taxable income of [$150,001] $350,001 23
84	84	through [$175,000] $400,000; AND 24
85	85
86	86	(vi) [5.25%] 5.75% of Maryland taxable income [of $175,001 through 25
87	87	$225,000; 26
88	88
89	89	(vii) 5.5% of Maryland taxable income of $225,001 through $300,000; 27
90	90	and 28
91	91
92	92	(viii) 5.75% of Maryland taxable income in excess of $300,000] IN 29
93	93	EXCESS OF $400,000. 30
94	94	SENATE BILL 748 3
95	95
96	96
97	97	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 1
98	98	1, 2024, and shall be applicable to all taxable years beginning after December 31, 2023. 2