2000 Regular Session

SENATE BILL 772

File Code: Taxes - Income Crossfiled with: HOUSE BILL 659
Sponsored By:
Senator McFadden (Maryland Gives Task Force on Charitable Giving)
Entitled:
Income Tax Credit - Endowment Gifts

Synopsis:

Allowing a State income tax credit for individuals in an amount equal to 10% of the present value of the aggregate amount of an endowment gift, as defined; allowing a State income tax credit to corporations in an amount equal to 10% of the amount of an endowment gift; limiting the credit to the State income tax otherwise imposed for the taxable year; defining terms; and applying the Act to tax years after 1999.

History by Legislative Date

Senate Action
2/4
First Reading Budget and Taxation
2/21
Hearing 3/8 at 1:30 p.m.
3/24
Withdrawn
House Action
No Action
Sponsored by:
Senator Nathaniel J. McFadden, District 45
MD Gives! - T.F.on Charitable Giving
Bill indexed under the following Subjects:
GIFTS
INCOME TAX
NONPROFIT ORGANIZATIONS
TAX CREDITS -see also- CIRCUIT BREAKER
Bill affects the following Statute:
Tax - General
( 10-718 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled
Fiscal Note: Available (PDF)
Amendments: None offered