The following updates have been made to Maryland's tax code for tax year 2024.
Subtractions, Additions, and Credits
- New Subtractions from Income - Two new subtractions to income and modifications to others.
- Benefit payments resulting from the collapse of the Francis Scott Key Bridge.
- Tuition assistance provided under the Fallen Transportation Workers Scholarship Program. Eligibility restrictions apply.
- Volunteer personnel subtraction modification program: $7000 for qualifying volunteers certified by a public safety organization.
- Payments to a surviving spouse or beneficiary of a law enforcement officer or firefighter, from a pension or required death benefit, when the death is a result of their employment.
- Eligible law enforcement officers can subtract up to $5000 of earned income.
- Eligible income related to the redevelopment or sale of race courses in Maryland. Certain restrictions apply.
- Diaper donations, also including certain hygiene products and charitable monetary gifts to certain qualified charities, up to $1000.
- New tax credits - Two updated tax credits for qualified individuals.
- Deer meat donation - Credit of $75 per donated deer, up to $300. Restrictions apply.
- Catalytic Revitalization Projects an Historic Revitalization Credits - Credits may be issued as a single credit at the completion of the project or per completion of phase. See 502CR instructions for more information.
Legislature
- Senate Bill 1188/House Bill 1526: This bill provides a subtraction benefit (noted above) for benefit payments resulting from individuals killed or injured as a result of the Francis Scott Key Bridge collapse. Bill also provides subtraction of tuition assistance provided through the Fallen Transportation Workers Scholarship Fund.
- House Bill 490: Extends income subtraction for donations to diaper banks and certain other charitable entities through tax year 2026.