MD SB668

Expands Maryland's earned income tax credit for individuals without qualifying children by increasing the earned income amount threshold to $7,840 and the phase-out amount to $19,160, replacing the federal Internal Revenue Code amounts

Removes the previous $530 annual cap on the tax credit for childless individuals that applied to tax years 2020-2022

Establishes annual cost-of-living adjustments to the income thresholds beginning after December 31, 2024, based on the federal inflation adjustment formula with a 2022 base year

Maintains the credit at 100% of the federal earned income credit for individuals without qualifying children, with excess amounts above tax liability refundable

Takes effect July 1, 2025, applying to all taxable years beginning after December 31, 2024