2018 has been a year full of twists and turns but as it comes to a close, it brings good tidings. In 2018, several groundbreaking amendments have were made giving the US residents something to smile about. Here are some of the major upcoming law changes as we welcome 2019.
Maryland tax exemption
This amendment was effected on July 1, 2018, and it provides that as from January 1st, 2019, the Maryland estate tax exemption will be $5 million. This is considered a significant change as compared to the federal minimum estate tax exemption that stands at $11.4 million. According to a 2014 amendment, the Maryland estate tax exemption had been set to increase annually until 2019 to meet the minimum federal estate tax exclusion amount. However, this is no longer the case and Maryland residents will be enjoying the $5 million federal tax exemption forever without any increments.
Alimony law changes
There are some interesting changes to the Alimony tax law starting January 1st, 2019. For 75 years, alimony recipients were required to pay tax to the state. However, the tax deductions have now been scraped off leading to a complicated situation. According to the new amendment, the financier cannot claim the payments as a tax write off. This may mean that the recipients stand to benefit more starting January 2019. This may lead to some unexpected court battles, with the already messy divorce cases.
Obamacare changes in 2019
It is important to note that, Obamacare has not been struck down, however, there are some changes you should expect come 2019. The recent federal court decisions mean that you :
-Will not face a tax penalty for not having a health cover in 2019.
-You are likely to pay fewer premiums for the year 2019 if you stick with your marketplace.
-Premiums are expected to drop by 14%-17% for Maryland residents.
-You can now access short-term health coverage for a period less than 3 months in Maryland.
Sports Betting is Coming To Maryland
If you enjoy sports betting prepare yourself for a fantastic 2019. The odds are high that the state of Maryland will cash in on sports betting come 2019, in a similar way New Jersey did in 2018. According to the latest reports, the Republican Gov, Larry Hogan together with House Speaker Michael Busch, and Senate President Thomas Miller are working together on a 2019 legislative session to introduce betting in Maryland. The newly expected legislation will expand to all sports including professional sports teams and Casinos. It is only a matter of time before residents of Maryland start enjoying the 2019 sports betting legalization.
As you prepare for your 2019, keep these new law changes in mind. You may want to start preparing for betting or finalize your alimony payments. Whichever way, have fun and enjoy your Happy New Year.