Maryland HB694 modifies the state income tax to study the addition of federal tax-exempt income.
Maryland HB694 modifies the state income tax to include federal tax-exempt income in the calculation of Maryland adjusted gross income. This change applies to income exempt from federal tax by federal law or treaty but not exempt from state tax. The bill also directs a study on the impact of this modification. The changes take effect July 1, 2026, and apply to all taxable years beginning after December 31, 2025.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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