HOUSE BILL 1135

File Code: Taxes - Miscellaneous Crossfiled with: SENATE BILL 748

Sponsored By:

Delegate Franchot

Entitled:

Taxation of Corporations - Alternative Minimum Assessment

Synopsis:

Imposing an alternative minimum assessment on corporations doing business in the State; providing for the computation of the alternative minimum assessment as a percentage of a corporation's gross receipts or gross profits, based on an election made by the corporation; limiting the alternative minimum assessment to $5,000,000 for any corporation and to $20,000,000 for affiliated groups of corporations; providing for credits against the corporate income tax under specified circumstances; etc.

History by Legislative Date

House Action

2/11

First Reading Ways and Means

2/16

Hearing 3/9 at 1:00 p.m.

Senate Action

No Action

Bill indexed under the following Subjects:

ASSESSMENTS

CORPORATIONS -see also- MUNICIPAL CORPORATIONS

INCOME TAX

REVENUE AND TAXES -see also- DEV FEES & TAXES; specific tax.

TAX CREDITS -see also- CIRCUIT BREAKER

Bill affects the following Statutes:

Tax - General

( 1-101 , 10-102.2 , 10-725 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled

Fiscal Note (Displayed in PDF Format): Available

Amendments: None offered