Maryland HB926 modifies the state's income tax rules for individual itemized deductions, reducing them for high-income filers.

Maryland HB926 changes the state's income tax law to reduce itemized deductions for individuals with high federal adjusted gross income. Specifically, it limits deductions for those whose federal adjusted gross income exceeds $100,000 for married individuals filing separately and $200,000 for all other filers. The reduction is 7.5% of the excess over the applicable amount. This change applies to taxable years beginning after December 31, 2024, but before January 1, 2030.

Maryland HB926 modifies the state's income tax rules for individual itemized deductions, reducing them for high-income filers.

Maryland HB926 changes the state's income tax law to reduce itemized deductions for individuals with high federal adjusted gross income. Specifically, it limits deductions for those whose federal adjusted gross income exceeds $100,000 for married individuals filing separately and $200,000 for all other filers. The reduction is 7.5% of the excess over the applicable amount. This change applies to taxable years beginning after December 31, 2024, but before January 1, 2030.