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Maryland Senate panel approves tax-relief plan

Posted at 7:28 AM, Mar 18, 2016
and last updated 2016-03-18 07:29:24-04
ANNAPOLIS, Md. (AP) -- A Maryland Senate committee has approved a modest tax-relief plan.
 
The plan approved Thursday reduces Maryland's top four tax-rate brackets over five years. That affects single tax filers who make more than $100,000 and joint filers with income over $150,000. Ryan Bishop, an analyst with the state's Department of Legislative Services, says that would cut taxes between 1 and 3 percent in those brackets.
 
The plan also would expand the state's Earned Income Tax Credit, which is offered to low-income workers.
 
Bishop says overall, those parts add up to a similar amount in Gov. Larry Hogan's tax-relief plan, about $670 million over five years.
 
For people who make less than $100,000 a year, the Senate measure adds to the personal exemption by $50 a year for up to four years.