HB1250

Find a 2016 Bill:

2016 Regular Session

 

Entitled:

Income Tax - Pass-Through Entities - Exemption

Sponsored by:

Speaker

Status:

In the House - Hearing 3/02 at 1:00 p.m.


Synopsis:Allowing a subtraction modification under the State income tax for up to $20,000 of nonpassive income attributable to a pass-through entity; providing that the subtraction applies only to nonpassive income of a member of a pass-through entity if specified conditions are met; providing that an individual with specified income in excess of $200,000 or a married couple with specified income in excess of $250,000 are not allowed the subtraction; applying the Act to taxable years beginning after December 31, 2015; etc.
Analysis:Fiscal and Policy Note
All Sponsors:The Speaker (By Request - Maryland Economic Development and Business Climate Commission) and Delegates Beitzel and Walker
Additional Facts:Cross-filed with: SB0841
Bill File Type: Regular
Effective Date(s): July 1, 2016
Committee(s):
Ways and Means  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Business Trusts
Corporations -see also- Municipal Corps; Public Corps & Inst
Exemptions
Income Tax
Limited Liability Companies
Partnerships
Reports
Work, Labor and Employment -see also- Col Barg; Holiday; etc
Statutes:Article - Tax - General
(10-105.1)

How a Bill Becomes Law

Legislative Lingo

Explanation of Floor Motions and Actions


March 2, 2016 3:35 P.M.