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SB 0580 - Income Tax - Subtraction Modification - Mortgage Forgiveness Debt Relief
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Tracking Level: No Position
Sponsor: Senator Douglas J. J. Peters, District 23
Last Action: 5/22/2012 - Approved by the Governor - - Chapter 544
Senate Committee: Senate Committee on Budget and Taxation
House Committee: House Committee on Ways and Means
Assigned To:
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Staff Analysis of the Legislation


Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text
BILL INFO-2012 Regular Session-SB 580
2012 Regular Session

SENATE BILL 580

File Code: Taxes - Income Crossfiled with: HOUSE BILL 600
Sponsored By:
Senators Peters, Conway, Currie, Ferguson, Garagiola, King, Manno, McFadden, Muse, Pugh, Ramirez, Raskin, Robey, Kasemeyer, Brinkley, Colburn, DeGrange, Edwards, Jones-Rodwell, and Madaleno
Entitled:
Income Tax - Subtraction Modification - Mortgage Forgiveness Debt Relief

Synopsis:

Allowing a subtraction modification under the Maryland income tax for income from the discharge of indebtedness related to acquiring, constructing, substantially improving, or refinancing a principal residence; providing that the subtraction does not apply to more than a specified amount for specified individuals; providing for an addition modification to the State income tax under specified circumstances; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occurring in the Chambers otherwise Calendar date is used. For explanation of terms click here.
Senate Action
2/3
First Reading Budget and Taxation
2/8
Hearing 3/13 at 1:00 p.m.
3/7
Hearing cancelled
Hearing 3/13 at 1:30 p.m.
3/23

Favorable with Amendments Report by Budget and Taxation
3/20
Favorable with Amendments {949531/1 Report Adopted
Second Reading Passed with Amendments
3/22
Third Reading Passed (46-0)
4/1
Senate Concur - House Amendments
Third Reading Passed (47-0)
Passed Enrolled
House Action
3/24
First Reading Ways and Means
3/28
Hearing 4/3 at 1:00 p.m.
4/4
Favorable with Amendments Report by Ways and Means
3/30
Favorable with Amendments {315163/1 Report Adopted
Second Reading Passed with Amendments
4/1
Third Reading Passed with Amendments (138-0)
Action after passage in Senate and House
5/22
Approved by the Governor
- Chapter 544

Sponsored by:

Senator Douglas J. J. Peters, District 23
Senator David R. Brinkley, District 4
Senator Richard F. Colburn, District 37
Senator Joan Carter Conway, District 43
Senator Ulysses Currie, District 25
Senator James E. DeGrange, Sr., District 32
Senator George C. Edwards, District 1
Senator Bill Ferguson, District 46
Senator Rob Garagiola, District 15
Senator Verna L. Jones-Rodwell, District 44
Senator Edward J. Kasemeyer, District 12
Senator Nancy J. King, District 39
Senator Richard S. Madaleno, Jr., District 18
Senator Roger P. Manno, District 19
Senator Nathaniel J. McFadden, District 45
Senator C. Anthony Muse, District 26
Senator Catherine E. Pugh, District 40
Senator Victor R. Ramirez, District 47
Senator Jamie Raskin, District 20
Senator James N. Robey, District 13

Bill indexed under the following Subjects:

Exemptions
Income Tax
Loans -see also- Mortgages
Mortgages
Real Property
Sunset

Bill affects the following Statutes:

Tax - General
( 10-205 , 10-205 , 10-207 )

Documents

All documents except Roll Call Votes are displayed in PDF format:
Bill Text: First Reading, Third Reading, Enrolled, Chapter
Fiscal and Policy Note: Available
Amendments:
Senate
Number: 949531/01     Offered on: March 23, 2012   at: 6:27 p.m.     Status: Adopted
House
Number: 315163/01     Offered on: April 4, 2012   at: 12:37 p.m.     Status: Adopted
Committee Votes :
Senate
Budget and Taxation
House
Ways and Means
Roll Call Votes (Legislative dates are shown):
Senate
March 22, 2012: Third Reading Passed (46-0)
April 1, 2012: Third Reading Passed (47-0)
House
April 1, 2012: Third Reading Passed (138-0)