HOUSE BILL 35

Sponsored By:

Delegate Hixson

Entitled:

Income Tax - Expensing of Section 179 Property

Synopsis:

Clarifying a specified modification to federal adjusted gross income under the Maryland income tax relating to determination of the maximum aggregate costs that a taxpayer may treat as an expense under Section 179 of the Internal Revenue Code without regard to specified changes to that section under federal law; and applying the Act to tax years after 2006.

History by Legislative and Calendar Date

House Action

1/17

First Reading Ways and Means

1/31

Hearing 2/8 at 11:00 a.m.

2/27

Favorable Report by Ways and Means

2/28

Favorable Report Adopted

Second Reading Passed

3/2

Third Reading Passed (97-39)

4/1

Returned Passed

Senate Action

3/5

First Reading Budget and Taxation

3/15

Hearing 3/27 at 1:00 p.m.

4/2

Favorable Report by Budget and Taxation

3/31

Favorable Report Adopted

Second Reading Passed

4/1

Special Order later today (Senator Greenip) Adopted

4/2

Third Reading Passed (31-16)

Action after passage in House and Senate

5/17

Approved by the Governor

- Chapter 587

Bill indexed under the following Subjects:

Exemptions

Federal Government

Income Tax

Bill affects the following Statute:

Tax - General

( 10-210.1 )

Documents:

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

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

Amendments: None offered

Roll Call Votes (Legislative dates are shown):

House

March 2, 2007: Third Reading Passed (97-39)

Senate

April 2, 2007: Third Reading Passed (31-16)