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2016 Regular Session



Income Tax - Pass-Through Entities - Exemption

Sponsored by:



In the Senate - 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 President (By Request - Maryland Economic Development and Business Climate Commission)
Additional Facts:Cross-filed with: HB1250
Bill File Type: Regular
Effective Date(s): July 1, 2016
Budget and Taxation  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Business Trusts
Corporations -see also- Municipal Corps; Public Corps & Inst
Income Tax
Limited Liability Companies
Work, Labor and Employment -see also- Col Barg; Holiday; etc
Statutes:Article - Tax - General

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October 24, 2017 5:10 P.M.