MD HB507 | 2020 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 17-0)
Status: Introduced on January 24 2020 - 25% progression, died in committee
Action: 2020-01-29 - Hearing 2/12 at 1:00 p.m.
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 24 2020 - 25% progression, died in committee
Action: 2020-01-29 - Hearing 2/12 at 1:00 p.m.
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Imposing a State income tax on income distributed to certain members of certain pass-through entities from the pass-through entity's taxable income exceeding $1,000,000; providing that the tax does not apply to the income of a pass-through entity that is a sole proprietorship or has implemented a certain employee stock ownership plan; applying the Act to taxable years beginning after December 31, 2019; etc.
Title
Income Tax - Pass-Through Entity - Additional Tax
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2020-01-29 | House | Hearing 2/12 at 1:00 p.m. |
| 2020-01-29 | House | Hearing canceled |
| 2020-01-28 | House | Hearing 2/13 at 1:00 p.m. |
| 2020-01-24 | House | First Reading Ways and Means |
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| Tax - General | 10 | 102.1 | (n/a) | See Bill Text |
| Tax - General | 10 | 102.2 | (n/a) | See Bill Text |
Maryland State Sources
| Type | Source |
|---|---|
| Summary | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0507?ys=2020RS |
| Text | https://mgaleg.maryland.gov/2020RS/bills/hb/hb0507f.pdf |
