SENATE BILL 976

File Code: Taxes - Income Prior Year Introduction As: HB 1429/01 - W&M

Sponsored By:

Senator Middleton

Entitled:

Income Tax - Credit for Charitable Contributions to Community Foundations

Synopsis:

Providing an individual a credit against the State income tax in an amount equal to 100% of the amount of unrestricted charitable contributions made by the individual to a community foundation's endowment during the taxable year; providing for a reduction of itemized deductions for Maryland income tax purposes if a credit is claimed; allowing the credit only if the individual's qualified capital gain for the taxable year for which the credit is received is at least $10,000,000; applying the Act to tax years after 2010; etc.

History by Legislative and Calendar Date

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

Senate Action

3/8

First Reading Senate Rules

Motion Rules Suspended for late introduction (Senator Middleton) Adopted

Referred Senate Rules

3/14

Re-referred Budget and Taxation

Hearing 3/23 at 1:00 p.m.

House Action

No Action

Bill indexed under the following Subjects:

Exemptions

Gifts

Income Tax

Nonprofit Organizations

Tax Credits -see also- Circuit Breaker

Bill affects the following Statutes:

Tax - General

( 10-218 , 10-729 )

Documents

All documents except Roll Call Votes are displayed in PDF format:

Bill Text: First Reading, Third Reading, Enrolled

Fiscal and Policy Note: Available

Amendments: None offered