SENATE BILL 772

File Code: Taxes - Income Crossfiled with: HOUSE BILL 659

Sponsored By:

Senator McFadden (Maryland Gives Task Force on Charitable Giving)

Entitled:

Income Tax Credit - Endowment Gifts

Synopsis:

Allowing a State income tax credit for individuals in an amount equal to 10% of the present value of the aggregate amount of an endowment gift, as defined; allowing a State income tax credit to corporations in an amount equal to 10% of the amount of an endowment gift; limiting the credit to the State income tax otherwise imposed for the taxable year; defining terms; and applying the Act to tax years after 1999.

History by Legislative Date

Senate Action

2/4

First Reading Budget and Taxation

2/21

Hearing 3/8 at 1:30 p.m.

3/24

Withdrawn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 Statute:

Tax - General

( 10-718 )

Documents:

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

Fiscal Note: Available (PDF)

Amendments: None offered