Income Tax – Subtraction Modification – First–Time Homebuyer Savings Accounts
Sponsor: Delegate BrooksCommittee: Ways and MeansSubject: Taxes - IncomeStatus: Enacted under Article II, Section 17(c) of the Maryland Constitution - Chapter 512 (as of Dec 1, 2021)
What this bill does
Official synopsis
Allowing a subtraction modification under the Maryland income tax for contributions to a certain first-time homebuyer savings account during a taxable year and certain earnings on the account; providing that an account holder may claim the subtraction modification under certain circumstances; providing that transfers of money to or from the account are subject to certain requirements and limitations; applying the Act to all taxable years beginning after December 31, 2020; etc.
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Testimony (15)
MGA witness listFAV 15Favorable
| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Raynaud, Helene | CCCSMD | Written (PDF) |
| FAV | Hudson, Lee | Delaware-Maryland Synod, ELCA | Written (PDF) |
| FAV | Spann, Stacy | Housing Opportunities Commission of Montgomery County | Written (PDF) |
| FAV | Graf, Lorilobbyist | Maryland Building Industry Association | Written (PDF) |
| FAV | Graf, Lorilobbyist | Maryland Building Industry Association | Written (PDF) |
| FAV | May, Lisalobbyist | Maryland REALTORS | Written (PDF) |
| FAV | Miller, Dee Dee | Maryland REALTORS | Oral + Written (PDF) |
| FAV | Mitchell, Susan | Maryland REALTORS | Oral + Written (PDF) |
| FAV | Ball, Calvin | Office of Howard County Executive Calvin Ball | Written (PDF) |
| FAV | Brooks, Benjamin | Individual | Written (PDF) |
| FAV | Brooks, Benjamin | Individual | Written (PDF) |
| FAV | Delegate Brooks, Delegate Brookslegislator | Individual | Oral |
| FAV | Delegate Brooks, Delegate Brookslegislator | Individual | Oral |
| FAV | Spann, Stacy | Individual | Oral |
| FAV | Wilson Randall, Claudia | Individual | Oral + Written (PDF) |
Organizations on record
Registered lobbyists who testified
FAVGraf, LoriMaryland Building Industry AssociationRegistered for: Maryland Building Industry Association
FAVGraf, LoriMaryland Building Industry AssociationRegistered for: Maryland Building Industry Association