Maryland Senate Bill 336 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 23 2020 - 25% progression, died in committee
Action: 2020-01-28 - Hearing 2/05 at 2:00 p.m.
Pending: Senate Budget and Taxation Committee
Text: Latest bill text (Introduced) [PDF]

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.

Income Tax - Subtraction Modification - Catastrophe Savings Accounts

Sen. Guy Guzzone [D]

Date	Chamber	Action
2020-01-28	Senate	Hearing 2/05 at 2:00 p.m.
2020-01-28	Senate	Hearing canceled
2020-01-23	Senate	Hearing 2/05 at 1:00 p.m.
2020-01-23	Senate	First Reading Budget and Taxation

Chapter	Article	Section	Citation Type	Statute Text
Tax - General	10	205	(n/a)	See Bill Text
Tax - General	10	208	(n/a)	See Bill Text

Type	Source
Summary	https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0336?ys=2020RS
Text	https://mgaleg.maryland.gov/2020RS/bills/sb/sb0336f.pdf