2011 Regular Session

SENATE BILL 976

File Code: Taxes - Income Prior Year Introduction As: HB 1429/01 - W&M
Sponsored By:
Senator Middleton
Entitled:
Income Tax - Credit for Charitable Contributions to Community Foundations

Synopsis:

Providing an individual a credit against the State income tax in an amount equal to 100% of the amount of unrestricted charitable contributions made by the individual to a community foundation's endowment during the taxable year; providing for a reduction of itemized deductions for Maryland income tax purposes if a credit is claimed; allowing the credit only if the individual's qualified capital gain for the taxable year for which the credit is received is at least $10,000,000; applying the Act to tax years after 2010; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occurring in the Chambers otherwise Calendar date is used.
Senate Action
3/8
First Reading Senate Rules
Motion Rules Suspended for late introduction (Senator Middleton) Adopted
Referred Senate Rules
3/14
Re-referred Budget and Taxation
Hearing 3/23 at 1:00 p.m.
House Action
No Action

Bill indexed under the following Subjects:

Exemptions
Gifts
Income Tax
Nonprofit Organizations
Tax Credits -see also- Circuit Breaker

Bill affects the following Statutes:

Tax - General
( 10-218 , 10-729 )

Documents

All documents except Roll Call Votes are displayed in PDF format:
Bill Text: First Reading, Third Reading, Enrolled
Fiscal and Policy Note: Available
Amendments: None offered