EXPLANATION:
C
APITALS INDICATE MATTER ADDED TO EXISTING LAW
.
[
Brackets
]
indicate matter deleted from existing law.
*lr0253*
Q3 2lr0253CF 2lr0255Bill No.: ______________________ Requested: ___________________ Committee: ___________________ Drafted by: AdministrationTyped by: CarolStored
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05/10/12Proofread by ___________________ Checked by ____________________ By:
The President (By Request
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Administration)
A BILL ENTITLED AN ACT concerning1
State and Local Revenue and Financing Act of 2012
2FOR the purpose of altering the State income tax rate on certain income of 3individuals; altering the amount allowed as a deduction for certain exemptions4under the Maryland income tax under certain circumstances; modifying a5
fiduciary’s adjusted gross income to add back that
portion of an electing small6business trust consisting of stock of one or more S corporations that is subject to7special taxing rules under certain provisions of the Internal Revenue Code;8altering certain tax rates for certain cigars and certain tobacco products;9providing that, for purposes of the recordation tax, secured debt with respect to10certain mortgages, deeds of trust, and other security interests in real property11securing a guarantee of repayment of a loan for a certain amount is deemed to12be incurred as debt is incurred on the guaranteed loan and, with respect to13those mortgages, deeds of trust, and other security interests, the recordation tax14applies in a certain manner; altering the amount of certain fees; repealing a15certain exemption to the sales and use tax for certain sales in the form of a16demurrage charge; repealing a certain modification for purposes of determining17Maryland taxable income for certain public utilities; repealing a certain credit18against the State income tax for certain public utilities; requiring the19Comptroller to waive certain interest and penalties for a certain calendar year20to a certain extent; authorizing the Comptroller to provide an alternative21method of assessing and collecting a certain additional tax; requiring certain22
2lr0253
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2
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revenue to be remitted to the Comptroller by a certain date; repealing an1obsolete provision; requiring the State Department of Assessments and2Taxation to establish a certain workgroup; providing for the duties, composition,3and chair of the workgroup; requiring the workgroup to submit a certain report4to the Governor and the General Assembly by a certain date; defining certain5terms; providing for the application of certain provisions of this Act; and6generally relating to State and local revenues and finances.7BY repealing and reenacting, with amendments,8 Article
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Tax
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General9Section 10
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105(a), 10
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211(b), and 12
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105(b)10 Annotated Code of Maryland11(2010 Replacement Volume and 2011 Supplement)12BY repealing and reenacting, without amendments,13 Article
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Tax
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General14Section 10
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204(a) and 10
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211(a)15 Annotated Code of Maryland16(2010 Replacement Volume and 2011 Supplement)17BY adding to18 Article
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Tax
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General19Section 10
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204(k)20 Annotated Code of Maryland21(2010 Replacement Volume and 2011 Supplement)22BY adding to23 Article
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Tax
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Property24Section 12
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105(f)(7)25 Annotated Code of Maryland26(2007 Replacement Volume and 2011 Supplement)27BY repealing and reenacting, with amendments,28 Article
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Health
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General29Section 4
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217(c)(1)30 Annotated Code of Maryland31(2009 Replacement Volume and 2011 Supplement)32
2lr0253
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3
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BY repealing and reenacting, with amendments,1 Article
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State Government2Section 9
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1604(b)(1)(vi)3 Annotated Code of Maryland4(2009 Replacement Volume and 2011 Supplement)5BY repealing6 Article
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Tax
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General7Section 10
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306(c), 10
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708, and 11
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2028 Annotated Code of Maryland9(2010 Replacement Volume and 2011 Supplement)10SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF11MARYLAND, That the Laws of Maryland read as follows:12
Article
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Tax
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General
1310
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105.14(a) (1)
[
Except as provided in paragraph (3) of this subsection, for
]
F
OR
15an individual other than an individual described in paragraph (2) of this subsection,16the State income tax rate is:17(i) 2% of Maryland taxable income of $1 through $1,000;18(ii) 3% of Maryland taxable income of $1,001 through $2,000;19(iii) 4% of Maryland taxable income of $2,001 through $3,000;20(iv) 4.75% of Maryland taxable income of $3,001 through21
[
$150,000
]
$100,000
;22(v) 5% of Maryland taxable income of
[
$150,001
]
$100,001
23through
[
$300,000
]
$125,000
;24(vi) 5.25% of Maryland taxable income of
[
$300,001
]
$125,001
25through
[
$500,000
]
$150,000
;
[
and
]
26
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