HOUSE BILL 278

File Code: Taxes - Income

Sponsored By:

Delegate Edwards

Entitled:

Income Tax - Nonresident Shareholders, Partners, and Limited Liability Company Members

Synopsis:

Requiring the Comptroller to allow an S corporation, partnership, or limited liability company that files a composite return on behalf of nonresident shareholders, partners, or members to reduce its tax payment by the amount of any tax credits that the nonresident shareholders, partners, or members are entitled to claim based on the activities of the S corporation, partnership, or limited liability company; and applying the Act to tax years after 2001.

History by Legislative Date

House Action

1/23

First Reading Ways and Means

Hearing 1/30 at 11:00 a.m.

Senate Action

No Action

Bill indexed under the following Subjects:

COMPTROLLER

CORPORATIONS -see also- MUNICIPAL CORPORATIONS

INCOME TAX

LIMITED LIABILITY COMPANIES

NONRESIDENTS -see also- ALIENS

PARTNERSHIPS

TAX CREDITS -see also- CIRCUIT BREAKER

Bill affects the following Statute:

Tax - General

( 10-102.1 )

Documents:

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

Fiscal Note: Available (PDF)

Amendments: None offered