Maryland HB542 modifies the Earned Income Tax Credit for individuals without qualifying children by altering income thresholds and adjusting for.

Maryland HB542 changes the Earned Income Tax Credit for individuals without qualifying children by modifying the income thresholds at which the credit phases out. It specifies that the credit is calculated without considering certain federal income requirements and limitations. The bill also mandates that income thresholds and phase-out amounts be adjusted annually for inflation starting from a specified year. Additionally, it allows counties to offer a refundable county earned income credit, subject to certain conditions and notifications to the Comptroller.

Maryland HB542 modifies the Earned Income Tax Credit for individuals without qualifying children by altering income thresholds and adjusting for.

Maryland HB542 changes the Earned Income Tax Credit for individuals without qualifying children by modifying the income thresholds at which the credit phases out. It specifies that the credit is calculated without considering certain federal income requirements and limitations. The bill also mandates that income thresholds and phase-out amounts be adjusted annually for inflation starting from a specified year. Additionally, it allows counties to offer a refundable county earned income credit, subject to certain conditions and notifications to the Comptroller.