HOUSE BILL 1244

File Code: Taxes - Income Crossfiled with: SENATE BILL 603

Sponsored By:

Delegate Ross

Entitled:

Corporate Income Tax - Rate Reduction and Reform

Synopsis:

Setting the State corporate income tax rate for taxable years that begin in 2011 to be a specified rate determined by the Comptroller; providing for combined reporting under the corporate income tax for members of combined groups; allowing an income tax credit for specified corporations for specified taxable years; requiring the Comptroller to make specified estimates and include the estimates in a specified report; stating the intent of the General Assembly that the corporate income tax rate can be permanently reduced; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occurring in the Chambers otherwise Calendar date is used.

House Action

2/13

First Reading Ways and Means

2/16

Hearing 3/5 at 1:00 p.m.

Senate Action

No Action

Bill indexed under the following Subjects:

Comptroller

Corporations -see also- Municipal Corps; Public Corps & Inst

General Assembly -see also- AELR Cmte; Leg Policy Committee.

Income Tax

Interstate Affairs

Legislation -see also- Corrective Leg; Curative Leg

Reports

Rules and Regulations

Tax Credits -see also- Circuit Breaker

Bill affects the following Statutes:

Tax - General

( 10-105 , 10-402.1 , 10-728 , 10-804.1 , 10-804.1 , 10-804.1 , 10-811 )

Documents:

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

Fiscal and Policy Note (Displayed in PDF Format): Available

Amendments: None offered