MD HB1427

Expands renters' tax credit eligibility to include individuals under 60 with income below 200% of the federal poverty threshold who have dependent children and do not receive housing subsidies

Increases the maximum renters' tax credit from $1,000 to $1,200 (2027), $1,500 (2028), and $2,000 (2029 and thereafter), while raising income thresholds for calculating the credit

Raises homeowners' tax credit income eligibility limits from $60,000 to $65,000 (2026), $72,000 (2027), $80,000 (2028), and $88,000 (2029 and thereafter)

Adjusts homeowners' tax credit calculation brackets over four years, ultimately allowing 0% on the first $12,000 of income, 4% on the next $18,000, 6.5% on the next $20,000, and 9% on income over $50,000 by 2030

Makes homeowners with federal adjusted gross income exceeding $300,000 ineligible for the homestead property tax credit, effective June 1, 2027