Maryland SB291 allows a credit against state income tax for taxes and penalties due to financial exploitation of susceptible adults or older adults.

Maryland SB291 provides a credit against the state income tax for income taxes and penalties due to financial exploitation of susceptible adults or older adults. Eligible taxpayers can claim a credit equal to the lesser of the state income tax attributable to an early withdrawal of retirement funds due to financial exploitation or federal tax penalties paid under the Internal Revenue Code. To claim the credit, taxpayers must provide documentation of financial loss from financial exploitation and an affidavit attesting to the federal tax penalties incurred.

Maryland SB291 allows a credit against state income tax for taxes and penalties due to financial exploitation of susceptible adults or older adults.

Maryland SB291 provides a credit against the state income tax for income taxes and penalties due to financial exploitation of susceptible adults or older adults. Eligible taxpayers can claim a credit equal to the lesser of the state income tax attributable to an early withdrawal of retirement funds due to financial exploitation or federal tax penalties paid under the Internal Revenue Code. To claim the credit, taxpayers must provide documentation of financial loss from financial exploitation and an affidavit attesting to the federal tax penalties incurred.