Maryland HB1427 modifies eligibility and amounts for renters', homeowners', and homestead tax credits.
Maryland HB1427 alters eligibility and calculation for property tax credits. For renters, it sets income limits and dependent child requirements. Homeowners' tax credits are adjusted based on combined income, with caps on the credit amount. Homestead tax credits are denied to homeowners with federal adjusted gross income over $300,000. The changes take effect June 1, 2027, for taxable years beginning after June 30, 2027.
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