SENATE BILL 879

File Code: Taxes - Income Prior Year Introduction As: SB 691/97 - B&T

Sponsored By:

Senator Pinsky

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 for personal services of the lowest paid full-time employee; and applying the Act to all taxable years beginning after December 31, 2001.

History by Legislative Date

Senate Action

2/27

First Reading Senate Rules

3/14

Re-referred Budget and Taxation

3/15

Hearing 3/19 at 1:30 p.m.

3/21

Withdrawn

House Action

No Action

Bill indexed under the following Subjects:

CORPORATIONS -see also- MUNICIPAL CORPORATIONS

EXEMPTIONS

INCOME TAX

SALARIES -see also- OVERTIME

Bill affects the following Statutes:

Tax - General

( 10-305 , 10-305 )

Documents:

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

Fiscal Note: Available (PDF)

Amendments: None offered