HOUSE BILL 28

Sponsored By:

Delegates Leopold, Heller, and Cadden

Entitled:

Maryland Higher Education Investment Program - Income Tax Subtraction Modification for Contributions

Synopsis:

Providing that the $2,500 limitation on the subtraction modification for payments made under a higher education investment contract in accordance with the Maryland Higher Education Investment Program is applicable to each higher education investment contract; allowing certain amounts disallowed under the subtraction modification as a result of the limitation to be carried over and subtracted for succeeding taxable years; and applying the Act to tax years beginning after December 31, 1997.

History by Legislative Date

House Action

07/20

Pre-filed

1/13

First Reading Ways and Means

1/20

Hearing 2/4 at 11:00 a.m.

3/1

Favorable with Amendments Report by Ways and Means

3/2

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/4

Third Reading Passed (137-0)

4/4

Return Passed

5/27

Governor vetoed - Cross-filed bill was signed

Senate Action

3/5

First Reading Budget and Taxation

4/5

Favorable Report by Budget and Taxation

Favorable Report Adopted

Second Reading Passed

4/6

Third Reading Passed (45-0)

Sponsored by:

Delegate John R. Leopold, District 31

Delegate Joan Cadden, District 31

Delegate Henry B. Heller, District 19

Bill indexed under the following Subjects:

EXEMPTIONS

HIGHER EDUCATION -see also- STATE UNIVERSITIES AND COLLEGES.

INCOME TAX

INVESTMENTS -see also- SECURITIES

TUITION

Bill affects the following Statute:

Tax - General

( 10-208 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled

Fiscal Note: Available (PDF)

Amendments:

House

Number: 815254/1 (PDF)     Offered on: March 2, 1999   at: 10:54 a.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

House

March 4, 1999: Third Reading Passed (137-0)

Senate

April 6, 1999: Third Reading Passed (45-0)