HOUSE BILL 638

Sponsored By:

Delegate Barve

Entitled:

Income Tax - Corporations - Payments to Related Entities - Foreign Taxes

Synopsis:

Providing that specified taxes imposed by specified foreign nations be taken into account for purposes of specified exceptions to a requirement that otherwise deductible interest expenses and intangible expenses paid by a corporation to related entities be added to the federal taxable income to determine Maryland modified income under specified circumstances; and applying the Act to tax years after 2004.

History by Legislative Date

House Action

2/7

First Reading Ways and Means

2/16

Hearing 3/9 at 1:00 p.m.

3/26

Favorable Report by Ways and Means

3/25

Favorable Report Adopted

Second Reading Passed

3/26

Third Reading Passed (121-12)

4/5

Returned Passed

Senate Action

3/28

First Reading Budget and Taxation

4/6

Favorable Report by Budget and Taxation

4/5

Favorable Report Adopted

Second Reading Passed

4/6

Third Reading Passed (47-0)

Action after passage in House and Senate

5/26

Governor vetoed - Cross-filed bill was signed

Bill indexed under the following Subjects:

CORPORATIONS -see also- MUNICIPAL CORPORATIONS

EXEMPTIONS

FEDERAL GOVERNMENT

INCOME TAX

INTEREST

INTERNATIONAL AFFAIRS -see also- FOREIGN TRADE

REVENUE AND TAXES -see also- DEV FEES & TAXES; specific tax.

Bill affects the following Statute:

Tax - General

( 10-306.1 )

Documents:

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

Fiscal Note (Displayed in PDF Format): Available

Amendments: None offered

Roll Call Votes (Legislative dates are shown):

House

March 26, 2005: Third Reading Passed (121-12)

Senate

April 6, 2005: Third Reading Passed (47-0)