SB0498

2013 Regular Session

 

Entitled:

Income Tax - Subtraction Modification and Credit - Creation of a Qualifying Business Enterprise

Sponsored by:

Senator Pugh

Status:

In the Senate - Unfavorable Report by Budget and Taxation; Withdrawn


Synopsis:Providing a subtraction modification under the Maryland income tax for income related to the qualifying sale of a business enterprise that results in the creation of a specified business enterprise owned and controlled by specified individuals; allowing investors in specified business enterprises to claim a credit against the State income tax for specified investments; providing for the recapture of the subtraction modification and tax credit under specified circumstances; applying the Act to tax years beginning after December 31, 2012; etc.
Analysis:Fiscal and Policy Note
All Sponsors:Senators Pugh, Benson, Conway, Forehand, Garagiola, Jones-Rodwell, and McFadden
Additional Facts:Cross-filed with: HB0564
Bill File Type: Regular
Effective Date(s): July 1, 2013
Committee(s):
Budget and Taxation
Broad Subject(s):Taxes - Income
Narrow Subject(s):Business and Economic Development, Department of
Commerce and Business -see also- Dealers; Elec. Comm.; etc.
Comptroller
Corporations -see also- Municipal Corps; Public Corps & Inst
Disabilities -see also- Blind; Deaf; Developmental
Exemptions
Income Tax
Investments -see also- Securities
Minorities -see also- Women
Revenue and Taxes -see also- Dev Fees &Taxes; specific tax
Rules and Regulations
Small Business
Tax Credits -see also- Circuit Breaker
Veterans
Women
Statutes:Article - Tax - General
(10-205, 10-207, 10-306, 10-307, 10-733)

How a Bill Becomes Law

Legislative Lingo

Explanation of Floor Motions and Actions


October 2, 2015 9:12 A.M.