§ 10-217. Individual standard deduction
West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2018
Effective: July 1, 2018
MD Code, Tax - General, § 10-217
§ 10-217. Individual standard deduction
(a)(1)(i) Except as otherwise provided in this subsection, an individual may elect to use the standard deduction to compute Maryland taxable income whether or not the individual itemizes deductions on the individual's federal income tax return in determining federal taxable income.
(b) Subject to the limitation in subsection (c) of this section, the standard deduction for an individual is an amount equal to 15% of the individual's Maryland adjusted gross income.
(c)(1) For an individual other than one described in paragraphs (2) and (3) of this subsection, the standard deduction:
(d)(1) For each taxable year beginning after December 31, 2018, each minimum and maximum standard deduction limitation amount specified in subsection (c) of this section shall be increased by an amount equal to the product of multiplying the minimum and maximum standard deduction limitation amount by the cost-of-living adjustment specified in this subsection.
(2) For purposes of this subsection, the cost-of-living adjustment is the cost-of-living adjustment within the meaning of § 1(f)(3) of the Internal Revenue Code for the calendar year in which a taxable year begins, as determined by the Comptroller, by substituting “calendar year 2017” for “calendar year 2016” in § 1(f)(3)(A) of the Internal Revenue Code.
Credits
Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1988, c. 110, § 1; Acts 1989, c. 8, § 2; Acts 1989, c. 9, § 2; Acts 1989, c. 394; Acts 1991, c. 40; Acts 1992, 1st Sp. Sess., c. 2, § 2; Acts 2018, c. 576, § 1, eff. July 1, 2018; Acts 2018, c. 577, § 1, eff. July 1, 2018.
Formerly Art. 81, § 282.
MD Code, Tax - General, § 10-217, MD TAX GENERAL § 10-217
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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