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Legislation

Original
Chamber
1st
Reading
Referral
to Cmte
2nd
Reading
3rd
Reading
Opposite
Chamber
1st
Reading
Referral
to Cmte
2nd
Reading
3rd
Reading
Review in
Original Chamber
Passed Both
Chambers
Conf. Cmte
(if necessary)
To Governor
Title
Income Tax - Subtraction Modification - Employee-Owned Businesses
Sponsored by
Senators Feldman, Jennings, Corderman, Edwards, Elfreth, Ferguson, Hayes, Jackson, King, Klausmeier, Pinsky, Ready, Rosapepe, Simonaire, Guzzone, and Salling
Status
In the House - First Reading Ways and Means
Analysis
Fiscal and Policy Note
Synopsis
Allowing a subtraction modification under the State income tax for income from a qualified transfer of stock or membership interest of a Maryland corporation or limited liability company to certain employee ownership entities; limiting the amount of the subtraction if the transfer is to a direct share ownership plan; applying the Act to taxable years beginning after December 31, 2021; etc.
Committee Testimony
Details
Cross-filed with: HB0403
Introduced in a prior session as: SB0409 Session: 2019 Regular Session
Bill File Type: Regular
Effective Date(s): July 1, 2022
Legislation History
Chamber
Senate
Calendar Date
1/31/2022
Legislative Date
1/31/2022
Action
First Reading Budget and Taxation
Proceedings
Chamber
Calendar Date
Legislative Date
Action
Text - First - Income Tax - Subtraction Modification - Employee-Owned Businesses
Proceedings
Chamber
Senate
Calendar Date
2/01/2022
Legislative Date
2/01/2022
Action
Hearing 2/16 at 1:00 p.m.
Proceedings
Chamber
Calendar Date
Legislative Date
Action
Vote - Senate - Committee - Budget and Taxation
Proceedings
Click to view Recorded Media
Chamber
Senate
Calendar Date
3/17/2022
Legislative Date
3/17/2022
Action
Favorable with Amendments Report by Budget and Taxation
Proceedings
Chamber
Senate
Calendar Date
3/17/2022
Legislative Date
3/05/2022
Action
Favorable with Amendments {523621/1 Adopted
Proceedings
45AClick to view Recorded Media
Chamber
Senate
Calendar Date
3/17/2022
Legislative Date
3/05/2022
Action
Second Reading Passed with Amendments
Proceedings
45AClick to view Recorded Media
Chamber
Calendar Date
Legislative Date
Action
Text - Third - Income Tax - Subtraction Modification - Employee-Owned Businesses
Proceedings
Chamber
Senate
Calendar Date
3/18/2022
Legislative Date
3/07/2022
Action
Third Reading Passed (46-0)
Proceedings
47 Click to view Recorded Media
Chamber
House
Calendar Date
3/18/2022
Legislative Date
3/12/2022
Action
Referred Ways and Means
Proceedings
33 Click to view Recorded Media
Chamber Calendar Date Legislative Date Action Proceedings
Senate 1/31/2022 1/31/2022 First Reading Budget and Taxation
Text - First - Income Tax - Subtraction Modification - Employee-Owned Businesses
Senate 2/01/2022 2/01/2022 Hearing 2/16 at 1:00 p.m.
Vote - Senate - Committee - Budget and Taxation Click to view Recorded Media
Senate 3/17/2022 3/17/2022 Favorable with Amendments Report by Budget and Taxation
Senate 3/17/2022 3/05/2022 Favorable with Amendments {523621/1 Adopted 45AClick to view Recorded Media
Senate 3/17/2022 3/05/2022 Second Reading Passed with Amendments 45AClick to view Recorded Media
Text - Third - Income Tax - Subtraction Modification - Employee-Owned Businesses
Senate 3/18/2022 3/07/2022 Third Reading Passed (46-0) 47 Click to view Recorded Media
House 3/18/2022 3/12/2022 Referred Ways and Means 33 Click to view Recorded Media
(   10-207, 10-307 )
Last Updated: 7/8/2022 2:59 PM
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