SENATE BILL 453

File Code: Income Prior Year Introduction As: SB 70/96 - 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, 1996; etc.

Legislative History

Senate Action

1/29

First Reading Budget and Taxation

Hearing 2/19 at 1:00 p.m.

1/30

Hearing cancelled

Hearing 2/19 at 1:30 p.m.

3/28

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)