1999 Regular Session

SENATE BILL 670

File Code: Income Crossfiled with: HOUSE BILL 581
Sponsored By:
Senator McFadden (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

Senate Action
2/12
First Reading Senate Rules
2/16
Re-referred Budget and Taxation
2/24
Hearing 3/17 at 1:30 p.m.
3/22
Withdrawn
House Action
No Action
Sponsored by:
Senator Nathaniel J. McFadden, District 45
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