Legislation

Title: Income Tax – Subtraction Modification – Trade or Business Expenses Resulting in Federal Loan Forgiveness
Sponsored by: Delegate Buckel
Status: In the House - Hearing 2/25 at 1:30 p.m.
Analysis: Fiscal and Policy Note

Synopsis

Allowing a subtraction modification under the Maryland income tax for certain expenses paid or incurred during the taxable year if the payment of the expense results in forgiveness of a certain loan and the income that results from the forgiveness is excluded from federal adjusted gross income in accordance with certain provisions of the federal CARES Act; and applying the Act to taxable years 2020 and 2021.

Committees

Original:: Ways and Means Click to view Recorded Media

Committee Testimony

Witness List

Details

Bill File Type: Regular

Effective Date(s): July 1, 2021

History

Legislation History
Chamber House Calendar Date 2/05/2021 Legislative Date 2/05/2021 Action First Reading Ways and Means Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Income Tax – Subtraction Modification – Trade or Business Expenses Resulting in Federal Loan Forgiveness Proceedings
Chamber House Calendar Date 2/08/2021 Legislative Date 2/08/2021 Action Hearing 2/25 at 1:30 p.m. Proceedings

Chamber	Calendar Date	Legislative Date	Action
House	2/05/2021	2/05/2021	First Reading Ways and Means
			Text - First - Income Tax – Subtraction Modification – Trade or Business Expenses Resulting in Federal Loan Forgiveness
House	2/08/2021	2/08/2021	Hearing 2/25 at 1:30 p.m.

File Code

Subjects

Statutes