Legislation

Title: Income Tax - Pass-Through Entities - Exemption
Sponsored by: The President (By Request - Maryland Economic Development and Business Climate Commission)
Status: In the Senate - Hearing 3/02 at 1:00 p.m.
Analysis: Fiscal and Policy Note

Synopsis

Allowing a subtraction modification under the State income tax for up to $20,000 of nonpassive income attributable to a pass-through entity; providing that the subtraction applies only to nonpassive income of a member of a pass-through entity if specified conditions are met; providing that an individual with specified income in excess of $200,000 or a married couple with specified income in excess of $250,000 are not allowed the subtraction; applying the Act to taxable years beginning after December 31, 2015; etc.

Committees

Original:: Budget and Taxation Click to view Recorded Media

Details

Cross-filed with: HB1250

Bill File Type: Regular

Effective Date(s): July 1, 2016

History

Legislation History
Chamber Senate Calendar Date 2/08/2016 Legislative Date 2/05/2016 Action First Reading Budget and Taxation Proceedings
Chamber Senate Calendar Date 2/17/2016 Legislative Date 2/17/2016 Action Hearing 3/02 at 1:00 p.m. Proceedings

Chamber	Calendar Date	Legislative Date	Action	Proceedings
Senate	2/08/2016	2/05/2016	First Reading Budget and Taxation
Senate	2/17/2016	2/17/2016	Hearing 3/02 at 1:00 p.m.

Documents

Date Posted	Document Name
2/09/2016	Text - First - Income Tax - Pass-Through Entities - Exemption

File Code

Subjects

Statutes