Maryland HB323 allows a tax credit for income taxes and penalties due to financial exploitation of susceptible adults or older adults.

Maryland HB323 establishes a tax credit for income taxes and penalties incurred due to financial exploitation of susceptible adults or older adults. Eligible taxpayers can claim a credit equal to the lesser of their state income tax or federal tax penalties from early withdrawal of retirement funds due to financial exploitation. To claim the credit, taxpayers must provide documentation of financial loss from financial exploitation and an affidavit attesting to federal tax penalties. The credit cannot be carried over to future taxable years if unused.

Maryland HB323 allows a tax credit for income taxes and penalties due to financial exploitation of susceptible adults or older adults.

Maryland HB323 establishes a tax credit for income taxes and penalties incurred due to financial exploitation of susceptible adults or older adults. Eligible taxpayers can claim a credit equal to the lesser of their state income tax or federal tax penalties from early withdrawal of retirement funds due to financial exploitation. To claim the credit, taxpayers must provide documentation of financial loss from financial exploitation and an affidavit attesting to federal tax penalties. The credit cannot be carried over to future taxable years if unused.