SENATE BILL 398

File Code: Taxes - Income

Sponsored By:

Senators Pinsky, Britt, Frosh, Green, Grosfeld, Hollinger, Kelley, and Middleton

Entitled:

Corporate Income Tax Reform

Synopsis:

Requiring that specified interest expenses and intangible expenses be added to the federal taxable income of a corporation to determine Maryland modified income under specified circumstances; requiring specified corporations to compute Maryland taxable income using a specified method for taxable years beginning after 2004; authorizing the Comptroller to adjust specified tax attributes between and among two or more organizations, trades, or businesses under specified circumstances; etc.

History by Legislative Date

Senate Action

1/31

First Reading Budget and Taxation

2/12

Hearing 3/5 at 12:30 p.m.

House Action

No Action

Sponsored by:

Senator Paul G. Pinsky, District 22

Senator Gwendolyn Britt, District 47

Senator Brian E. Frosh, District 16

Senator Leo E. Green, District 23

Senator Sharon M. Grosfeld, District 18

Senator Paula C. Hollinger, District 11

Senator Delores G. Kelley, District 10

Senator Thomas M. Middleton, District 28

Bill indexed under the following Subjects:

COMPTROLLER

CORPORATIONS -see also- MUNICIPAL CORPORATIONS

INCOME TAX

INTEREST

RULES AND REGULATIONS

Bill affects the following Statutes:

Tax - General

( 10-109 , 10-306.1 , 10-402.1 , 10-804 , 10-811 )

Documents:

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

Fiscal Note: Available (PDF)

Amendments: None offered