HOUSE BILL 142

Sponsored By:

Delegates Krebs, Aumann, Bartlett, Bates, Cluster, Costa, Cryor, DeBoy, Dwyer, Eckardt, Elliott, Elmore, Frank, Glassman, Haddaway, Hogan, Jennings, Kohl, McComas, McMillan, Minnick, Shank, Shewell, Smigiel, Sossi, Stocksdale, Stull, Trueschler, and Weir

Entitled:

Income Tax - Expensing of Section 179 Property

Synopsis:

Limiting to property placed in service before January 1, 2006, the applicability of modifications to federal adjusted gross income of an individual or federal taxable income of a corporation for Maryland income tax purposes to reflect the determination of the maximum aggregate costs that a taxpayer may treat as an expense under Section 179 of the Internal Revenue Code for any taxable year without regard to the changes made to that section by the federal Jobs and Growth Reconciliation Act of 2003 for federal income tax purposes; etc.

History by Legislative Date

House Action

1/18

First Reading Ways and Means

2/22

Hearing 3/10 at 1:30 p.m.

Senate Action

No Action

Sponsored by:

Delegate Susan W. Krebs, District 9B

Delegate Susan L. M. Aumann, District 42

Delegate Joseph R. Bartlett, District 4A

Delegate Gail H. Bates, District 9A

Delegate John W. E. Cluster, Jr., District 8

Delegate Robert A. Costa, District 33B

Delegate Jean B. Cryor, District 15

Delegate Steven J. DeBoy, Sr., District 12A

Delegate Donald H. Dwyer, Jr., District 31

Delegate Adelaide C. Eckardt, District 37B

Delegate Donald B. Elliott, District 4B

Delegate D. Page Elmore, District 38A

Delegate William J. Frank, District 42

Delegate Barry Glassman, District 35A

Delegate Jeannie Haddaway, District 37B

Delegate Patrick N. Hogan, District 3A

Delegate J. B. Jennings, District 7

Delegate Sheryl Davis Kohl, District 34A

Delegate Susan K. McComas, District 35B

Delegate Herb McMillan, District 30

Delegate Joseph J. Minnick, District 6

Delegate Christopher B. Shank, District 2B

Delegate Tanya T. Shewell, District 5A

Delegate Michael D. Smigiel, Sr., District 36

Delegate Richard A. Sossi, District 36

Delegate Nancy R. Stocksdale, District 5A

Delegate Paul S. Stull, District 4A

Delegate John G. Trueschler, District 42

Delegate Michael H. Weir, Jr., District 6

Bill indexed under the following Subjects:

CORPORATIONS -see also- MUNICIPAL CORPORATIONS

EQUIPMENT -see also- MOTOR VEHICLE EQUIPMENT

EXEMPTIONS

FEDERAL GOVERNMENT

INCOME TAX

PERSONAL PROPERTY

REAL PROPERTY

Bill affects the following Statutes:

Tax - General

( 10-210.1 , 10-310 )

Documents:

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

Fiscal Note (Displayed in PDF Format): Available

Amendments: None offered