MD HB403 | 2022 | Regular Session
Note: Carry Over of previous SB409
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 19 2022 - 25% progression, died in committee
Action: 2022-01-26 - Hearing 2/09 at 1:00 p.m.
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 19 2022 - 25% progression, died in committee
Action: 2022-01-26 - Hearing 2/09 at 1:00 p.m.
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Allowing a subtraction modification under the State income tax for income from a qualified transfer of stock or membership interest of a Maryland corporation or limited liability company to certain employee ownership entities; limiting the amount of the subtraction if the transfer is to a direct share ownership plan; applying the Act to taxable years beginning after December 31, 2021; etc.
Title
Income Tax - Subtraction Modification - Employee-Owned Businesses
Sponsors
| Del. Marc Korman [D] |
History
| Date | Chamber | Action |
|---|---|---|
| 2022-01-26 | House | Hearing 2/09 at 1:00 p.m. |
| 2022-01-19 | House | First Reading Ways and Means |
Same As/Similar To
SB409 (Carry Over) 2019-02-01 - Hearing 2/20 at 1:00 p.m.
SB561 (Crossfiled) 2022-03-18 - Referred Ways and Means
SB561 (Crossfiled) 2022-03-18 - Referred Ways and Means
Subjects
Business Trusts
Corporations
Exemptions
Income Tax
Limited Liability Companies
Taxes - Income
Work, Labor, and Employment
Corporations
Exemptions
Income Tax
Limited Liability Companies
Taxes - Income
Work, Labor, and Employment
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| Tax - General | 10 | 207 | (n/a) | See Bill Text |
| Tax - General | 10 | 307 | (n/a) | See Bill Text |
Maryland State Sources
| Type | Source |
|---|---|
| Summary | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0403?ys=2022RS |
| Text | https://mgaleg.maryland.gov/2022RS/bills/hb/hb0403f.pdf |
