Maryland Senate Bill 611 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 4 2019 - 25% progression, died in committee
Action: 2019-02-28 - Hearing 3/08 at 1:00 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
2019-02-28	Senate	Hearing 3/08 at 1:00 p.m.
2019-02-28	Senate	Hearing canceled
2019-02-06	Senate	Hearing 3/06 at 1:00 p.m.
2019-02-04	Senate	First Reading Budget and Taxation

Type	Source
Summary	https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0611?ys=2019rs
Text	https://mgaleg.maryland.gov/2019RS/bills/sb/sb0611f.pdf
Supplement	https://mgaleg.maryland.gov/2019RS/fnotes/bil_0001/sb0611.pdf