Income Tax - Subtraction Modification - Catastrophe Savings Accounts
What this bill does
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.
Analysis reads the bill text, the fiscal note, and the witness list. It is generated by Claude and reviewed by nobody, so check the source documents before you rely on it.