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Table of Contents
Executive Summary ................................................................................................................................ 1
Disclaimer and General Notes ................................................................................................................ 4
Estimated TCJA Income Tax Impacts on Maryland Tax Revenues ......................................................... 5
TCJA Impact on Federal Tax for Maryland Residents ............................................................................. 6
Discussion of Certain Impactful Provisions on Federal Tax ..................................................................... 8
Repeal of Personal Exemptions .......................................................................................................... 8
Modifications to Deductions ............................................................................................................... 10
Child Tax Credit (CTC) ...................................................................................................................... 11
Federal Tax Brackets and Rates ....................................................................................................... 13
Deduction for Qualified Business Income .......................................................................................... 15
Limitation on Business Losses for Individuals (Excess Business Losses) ......................................... 16
State Personal Income Tax Impacts ..................................................................................................... 17
Exemptions ....................................................................................................................................... 19
Itemized Deductions (Shift to State Standard Deduction) .................................................................. 21
Itemized Deductions ($10,000 Cap on State and Local Taxes) ..............................................