Income Tax - Senior Tax Credit - Refundability

HB 745 makes Maryland's senior income tax credit refundable, allowing eligible residents aged 65 or older to receive a cash refund if the credit exceeds their state tax liability. The credit applies to single seniors with federal adjusted gross income under $100,000 ($1,000 credit) and married couples filing jointly with income under $150,000 ($1,750 credit, or $1,000 if only one spouse qualifies). In specific fiscal years when state revenue estimates fall more than 3.75% below projections, the credit amount is reduced to $500 for singles ($50,000-$100,000 income) or $875 for married couples ($100,000-$150,000 income). This change ensures seniors receive the full credit amount as a refund rather than losing unused portions under previous non-refundable rules.