2005 Regular Session

HOUSE BILL 638

File Code: Taxes - Income Crossfiled with: SENATE BILL 341
Sponsored By:
Delegate Barve
Entitled:
Income Tax - Corporations - Payments to Related Entities - Foreign Taxes

Synopsis:

Providing that specified taxes imposed by specified foreign nations be taken into account for purposes of specified exceptions to a requirement that otherwise deductible interest expenses and intangible expenses paid by a corporation to related entities be added to the federal taxable income to determine Maryland modified income under specified circumstances; and applying the Act to tax years after 2004.

History by Legislative Date

House Action
2/7
First Reading Ways and Means
2/16
Hearing 3/9 at 1:00 p.m.
3/26
Favorable Report by Ways and Means
3/25
Favorable Report Adopted
Second Reading Passed
3/26
Third Reading Passed (121-12)
4/5
Returned Passed
Senate Action
3/28
First Reading Budget and Taxation
4/6
Favorable Report by Budget and Taxation
4/5
Favorable Report Adopted
Second Reading Passed
4/6
Third Reading Passed (47-0)
Action after passage in House and Senate
5/26
Governor vetoed - Cross-filed bill was signed

Bill indexed under the following Subjects:

CORPORATIONS -see also- MUNICIPAL CORPORATIONS
EXEMPTIONS
FEDERAL GOVERNMENT
INCOME TAX
INTEREST
INTERNATIONAL AFFAIRS -see also- FOREIGN TRADE
REVENUE AND TAXES -see also- DEV FEES & TAXES; specific tax.

Bill affects the following Statute:

Tax - General
( 10-306.1 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled
Fiscal Note (Displayed in PDF Format): Available
Amendments: None offered
Roll Call Votes (Legislative dates are shown):
House
March 26, 2005: Third Reading Passed (121-12)
Senate
April 6, 2005: Third Reading Passed (47-0)