SENATE BILL 478

File Code: Taxes - Income Crossfiled with: HOUSE BILL 1061

Sponsored By:

Senators Jones, Conway, Della, Exum, Forehand, Grosfeld, and Pinsky

Entitled:

Millionaires' Tax Surcharge

Synopsis:

Increasing the State income tax rate on individuals whose Maryland taxable income exceeds $500,000 to 7.75%; requiring the Comptroller to waive specified interest and penalty for the 2004 taxable year; and applying the Act to tax years after 2003.

History by Legislative Date

Senate Action

2/6

First Reading Budget and Taxation

2/11

Hearing 2/25 at 1:00 p.m.

House Action

No Action

Sponsored by:

Senator Verna L. Jones, District 44

Senator Joan Carter Conway, District 43

Senator George W. Della, Jr., District 46

Senator Nathaniel Exum, District 24

Senator Jennie M. Forehand, District 17

Senator Sharon M. Grosfeld, District 18

Senator Paul G. Pinsky, District 22

Bill indexed under the following Subjects:

COMPTROLLER

INCOME TAX

INTEREST

PENALTIES

Bill affects the following Statute:

Tax - General

( 10-105 )

Documents:

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

Fiscal Note: Available (PDF)

Amendments: None offered