Maryland SB468 authorizes local governments to provide tax credits for recipients of the state child tax credit.

Maryland SB468 amends the state tax code to allow local governments to offer a credit against county income tax for each qualified child of a taxpayer. This credit is available if the taxpayer's federal adjusted gross income is below a specified threshold. The credit amount is reduced for taxpayers with higher incomes, but cannot be reduced below zero. If a county provides such a credit, it must notify the Comptroller before the first applicable taxable year. The bill also specifies that taxpayers not required to file an income tax return can claim refunds for certain credits.

Maryland SB468 authorizes local governments to provide tax credits for recipients of the state child tax credit.

Maryland SB468 amends the state tax code to allow local governments to offer a credit against county income tax for each qualified child of a taxpayer. This credit is available if the taxpayer's federal adjusted gross income is below a specified threshold. The credit amount is reduced for taxpayers with higher incomes, but cannot be reduced below zero. If a county provides such a credit, it must notify the Comptroller before the first applicable taxable year. The bill also specifies that taxpayers not required to file an income tax return can claim refunds for certain credits.