Maryland HB745 modifies the senior tax credit, making it refundable for eligible taxpayers.

Maryland HB745 amends the senior tax credit to allow eligible taxpayers to claim a refund if the credit exceeds their state income tax. The credit amount varies based on the taxpayer's federal adjusted gross income and filing status. For individual eligible taxpayers with incomes between $50,000 and $100,000, the credit is $500. For joint filers or surviving spouses with incomes up to $150,000, the credit is $875, or $500 if only one is eligible. The credit is refundable if it exceeds the state income tax owed. The changes apply to taxable years beginning after December 31, 2025.

Maryland HB745 modifies the senior tax credit, making it refundable for eligible taxpayers.

Maryland HB745 amends the senior tax credit to allow eligible taxpayers to claim a refund if the credit exceeds their state income tax. The credit amount varies based on the taxpayer's federal adjusted gross income and filing status. For individual eligible taxpayers with incomes between $50,000 and $100,000, the credit is $500. For joint filers or surviving spouses with incomes up to $150,000, the credit is $875, or $500 if only one is eligible. The credit is refundable if it exceeds the state income tax owed. The changes apply to taxable years beginning after December 31, 2025.