1997 Regular Session

HOUSE BILL 914

File Code: Income
Sponsored By:
Delegates Finifter, Morhaim, Frank, and Klausmeier
Entitled:
Horse Racing and Breeding Industry Retention Tax Act of 1997

Synopsis:

Providing a subtraction modification under the Maryland individual and corporation income taxes for losses from qualified horse racing and breeding activities, as defined, that are disallowed for federal income tax purposes as passive activity losses; providing a subtraction modification for 50% of the gain recognized for the taxable year from the sale or exchange of an interest in qualified horse racing and breeding activities; applying the Act to taxable years after 1997; etc.

Legislative History

House Action
1/31
First Reading Ways and Means
2/5
Hearing 2/20 at 1:00 p.m.
3/19
Unfavorable Report by Ways and Means
Senate Action
No Action
Sponsored by:
Delegate Michael J. Finifter, District 11
Delegate Robert L. Frank, District 11
Delegate Katherine Klausmeier, District 8
Delegate Dan K. Morhaim, District 11
Bill indexed under the following Subjects:
ANIMALS -see also- BIRDS; HUNTING; TRAPPING
EXEMPTIONS
INCOME TAX
RACING
Bill affects the following Statutes:
Tax - General
( 10-205 , 10-205 , 10-208 , 10-208 , 10-306 , 10-308 )

Documents:

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