HOUSE BILL 581

File Code: Income Crossfiled with: SENATE BILL 670

Sponsored By:

Delegate Mandel (Maryland Gives Task Force on Charitable Giving)

Entitled:

Income Tax Credit for Charitable Giving to Qualified Endowments

Synopsis:

Allowing a State income tax credit for individuals in an amount equal to 50% of the present value of the aggregate amount of the charitable gift portion of a planned gift, as defined, to a qualified endowment, as defined; allowing a State income tax credit to corporations in an amount equal to 50% of the amount of charitable gifts to qualified endowments; requiring an addition modification for amounts used to calculate the credits; defining terms; applying the Act to tax years after 1998; etc.

History by Legislative Date

House Action

2/11

First Reading Ways and Means

2/24

Hearing 3/12 at 1:00 p.m.

3/22

Unfavorable Report by Ways and Means

Senate Action

No Action

Sponsored by:

Delegate Adrienne A. Mandel, District 19

MD Gives! - T.F.on Charitable Giving

Bill indexed under the following Subjects:

GIFTS

INCOME TAX

NONPROFIT ORGANIZATIONS

TAX CREDITS -see also- CIRCUIT BREAKER

Bill affects the following Statutes:

Tax - General

( 10-205 , 10-306 , 10-712 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered