1997 Regular Session

SENATE BILL 691

File Code: Income Prior Year Introduction As: SB 561/95 - B&T
Sponsored By:
Senators Pinsky, Sfikas, and Teitelbaum
Entitled:
Income Tax - Corporations - Denial of Deduction for Excessive Compensation of Officers and Directors

Synopsis:

Establishing an addition modification under the Maryland corporate income tax for the amount of salary, wages, or other compensation for personal services paid or incurred by a corporation to an officer or director of the corporation in excess of 20 times the annual salary, wages, or other compensation of the lowest paid full-time employee; and applying the Act to all taxable years beginning after December 31, 1996.

Legislative History

Senate Action
1/31
First Reading Budget and Taxation
2/5
Hearing 2/19 at 1:30 p.m.
3/3
Unfavorable Report by Budget and Taxation
House Action
No Action
Sponsored by:
Senator Paul G. Pinsky, District 22
Senator Perry Sfikas, District 46
Senator Leonard H. Teitelbaum, District 19
Bill indexed under the following Subjects:
CORPORATIONS -see also- MERGERS
INCOME TAX
SALARIES
Bill affects the following Statutes:
Tax - General
( 10-305 , 10-305 )

Documents:

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