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HB 0640 - Income Tax - Subtraction Modification - Credit Card Debt Forgiveness
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Tracking Level: No Position
Sponsor: Delegate Andrew A. Serafini, District 2A
Last Action: 3/29/2012 - S Hearing 4/4 at 1:00 p.m.
House Committee: House Committee on Ways and Means
Senate Committee: Senate Committee on Budget and Taxation
Assigned To:
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Taxes and RevenuesNext Bill

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-HB 640
2012 Regular Session

HOUSE BILL 640

File Code: Taxes - Income
Sponsored By:
Delegates Serafini, Dwyer, Glass, Ready, Afzali, Barve, Boteler, Cardin, Frick, George, Hixson, Howard, Ivey, Kaiser, Luedtke, A. Miller, Myers, Rosenberg, Ross, Stukes, F. Turner, and Walker
Entitled:
Income Tax - Subtraction Modification - Credit Card Debt Forgiveness

Synopsis:

Allowing an individual a subtraction modification under the Maryland income tax for income from the cancellation of consumer credit card debt unless the individual's federal adjusted gross income exceeds $50,000 for an individual or $80,000 for a married couple filing a joint return; providing that the amount of the subtraction modification may not exceed $5,000 for an individual or $8,000 for a married couple filing a joint return; applying the Act to tax years after 2011; 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.
House Action
2/8
First Reading Ways and Means
Hearing 2/28 at 1:00 p.m.
3/24

Favorable with Amendments Report by Ways and Means
3/21
Favorable with Amendments {945568/1 Report Adopted
Second Reading Passed with Amendments
3/22
Third Reading Passed (132-0)
Senate Action
3/22
First Reading Budget and Taxation
3/29
Hearing 4/4 at 1:00 p.m.

Sponsored by:

Delegate Andrew A. Serafini, District 2A
Delegate Kathy Afzali, District 4A
Delegate Kumar P. Barve, District 17
Delegate Joseph C. Boteler, III, District 8
Delegate Jon S. Cardin, District 11
Delegate Don H. Dwyer, Jr., District 31
Delegate C. William Frick, District 16
Delegate Ron George, District 30
Delegate Glen Glass, District 34A
Delegate Sheila E. Hixson, District 20
Delegate Carolyn J. B. Howard, District 24
Delegate Jolene Ivey, District 47
Delegate Anne R. Kaiser, District 14
Delegate Eric G. Luedtke, District 14
Delegate Aruna Miller, District 15
Delegate LeRoy E. Myers, Jr., District 1C
Delegate Justin Ready, District 5A
Delegate Samuel I. Rosenberg, District 41
Delegate Justin D. Ross, District 22
Delegate Melvin L. Stukes, District 44
Delegate Frank S. Turner, District 13
Delegate Jay Walker, District 26

Bill indexed under the following Subjects:

Credit
Debt Management
Exemptions
Income Tax

Bill affects the following Statutes:

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

Documents

All documents except Roll Call Votes are displayed in PDF format:
Bill Text: First Reading, Third Reading, Enrolled
Fiscal and Policy Note: Available
Amendments:
House
Number: 945568/01     Offered on: March 24, 2012   at: 5:22 p.m.     Status: Adopted
Committee Votes :
House
Ways and Means
Roll Call Vote (Legislative date is shown):
House
March 22, 2012: Third Reading Passed (132-0)