Important Tax Credit Deadlines

Important Tax Credit Deadlines

Homeowners Property Tax Credit – September 1

Renters Tax Credit – September 1

Student Loan Tax Credit – September 15

​Homeowners’ Property Tax Credit Program

For homeowners with a combined gross household income of $60,000 or less, this program allows credits against the homeowners’ property tax bill, but the taxes must exceed a fixed percentage of a person’s gross income. It sets a limit on the amount of property taxes a homeowner must pay, based on income. Income is defined as the gross income before any deductions are taken. Nontaxable retirement benefits such as Social Security and Railroad Retirement must be reported as income. You must apply every year no later than September on a standard application supplied by the Department of Assessments and Taxation. Example: If your combined household income is $16,000, your tax limit is $420. You would be entitled to receive a credit for any taxes above the $420. You would be entitled to receive a credit for any taxes above the $420. If your actual property tax bill is $990, you would receive a tax credit in the amount of $570, the difference between the actual tax bill and the tax limit.

Apply here: http://dat.maryland.gov/realproperty/Pages/Homeowners’-Property-Tax-Credit-Program.aspx

Maryland Renters’ Tax Credit Program

The State of Maryland Renters’ Tax Credit Program provides Property Tax credits for renters who are (i) age 60 and older, (ii) 100% disabled, or (iii) have dependents under 18 and meet certain income requirements. Under HB-340, passed by the Prince George’s County Delegation and the Maryland General Assembly in the 2016 Legislative Session, renters can receive maximum tax relief up to $1,000. This legislation also expands the statewide Renters Tax Credit program and increases the pool of eligible applicants. To get a credit, you must file by September 1st. Contact the Maryland Department of Assessments and Taxation at 1-800-944-7403 or visit: http://dat.maryland.gov/realproperty/Pages/Renters’-Tax-Credits.aspx

Student Loan Tax Credit

Who is eligible to receive the Student Loan Debt Relief Tax Credit?

The tax credit will be available to Maryland taxpayers who:

1. File Maryland State Income Taxes for the tax year;
2. Have incurred at least $20,000 undergraduate and/or graduate student loan debt;
3. Have at least $5,000 in outstanding student loan debt remaining when applying for the tax credit;
4. Have completed and submitted an application to the Maryland Higher Education Commission by September 15, 2018; and
5. Have submitted all required graduate and/or undergraduate student loan information, including Maryland Income Tax Information and college transcripts.

How to Apply for the Student Loan Debt Relief Tax Credit

To download the application, ​or Maryland Student Loan Debt Relief Tax Credit Application 2018.pdf

If you have questions, please view the Frequently Asked Questions 2018.pdf for more information.