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)