1996 Regular Session

SENATE BILL 70

File Code: Taxes - Income Prior Year Introduction As: SB 30/95 - B&T
Sponsored By:
Senator Haines
Entitled:
Income Tax - Capital Gains

Synopsis:

Allowing a subtraction modification for Maryland individual and corporate income tax purposes for 50% of the first $50,000 of net capital gain, as defined and determined under the Internal Revenue Code, subject to reduction for any amounts excluded for federal income tax purposes; including the amount of the subtracted capital gain income in items of tax preference for purposes of the individual income tax; applying the Act to taxable years beginning after December 31, 1995; etc.

Legislative History

Senate Action
11/3
Pre-filed
1/10
First Reading Budget and Taxation
1/31
Hearing 2/9 at 1:00 p.m.
3/18
Unfavorable Report by Budget and Taxation
House Action
No Action
Bill indexed under the following Subjects:
EXEMPTIONS
INCOME TAX
Bill affects the following Statutes:
Tax - General
( 10-207 , 10-222 , 10-307 )

Documents:

Bill Text:
First Reading (PDF), Third Reading, Enrolled
Fiscal Note: Available (PDF)

Amendments: None available