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SB 12 Individual Income Tax - Rate

About the Bill
Link: 
http://mlis.state.md.us/2007s1/billfile/SB0012.htm
Synopsis: 
Increasing from 4.75% to 5% the top marginal State individual income tax rate; repealing obsolete provisions; and applying the Act to tax years after 2007.
Bill's Outcome: 
Signed into Law
LWVMD's Position
LWV Position: 
Support
LWV Testimony: 
LWVMD Testimony on Income Tax (SB 12, SB 13)
Notes: 
Although not going anywhere nearly as far as the League proposed, the Act alters the rates and structure of the Maryland personal income tax making it somewhat more progressive. Increased tax rates beginning with tax year 2008 will apply to incomes above $150,000 for single filers and $200,000 for joint filers with a top rate of 5.5% for incomes over $500,000 for both single and joint filers. Previously, the highest rate was 5% for all filers with incomes over $3,000. There will be an increased personal exemption (from $2,400 to $3,200) and an expanded Earned Income Tax Credit for low income filers.