MD SB216 | 2020 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on January 16 2020 - 25% progression, died in committee
Action: 2020-01-20 - Hearing 1/29 at 1:00 p.m.
Pending: Senate Budget and Taxation Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 16 2020 - 25% progression, died in committee
Action: 2020-01-20 - Hearing 1/29 at 1:00 p.m.
Pending: Senate Budget and Taxation Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Imposing a tax of 17% on the Maryland taxable income attributable to certain investment management services of an individual or a corporation or the distributive share of a pass-through entity; providing that the tax does not apply to investment management services if at least 80% of the specified assets consists of real estate; terminating the Act if certain federal legislation is enacted into law; applying the Act to taxable years beginning after December 31, 2019; etc.
Title
Income Tax - Carried Interest - Additional Tax
Sponsors
| Sen. Paul Pinsky [D] | Sen. Delores Kelley [D] | Sen. Jim Rosapepe [D] | Sen. William Smith [D] |
| Sen. Mary Washington [D] |
History
| Date | Chamber | Action |
|---|---|---|
| 2020-01-20 | Senate | Hearing 1/29 at 1:00 p.m. |
| 2020-01-16 | Senate | First Reading Budget and Taxation |
Same As/Similar To
HB439 (Crossfiled) 2020-02-04 - Hearing 2/12 at 1:00 p.m.
Subjects
Business Trusts
Comptroller
Corporations
Federal Government
Financial Planners
Income Tax
Interest
Interstate Affairs
Investments
Limited Liability Companies
Notices
Partnerships
Sunset
Taxes - Income
Comptroller
Corporations
Federal Government
Financial Planners
Income Tax
Interest
Interstate Affairs
Investments
Limited Liability Companies
Notices
Partnerships
Sunset
Taxes - Income
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/SB0216?ys=2020RS |
| Text | https://mgaleg.maryland.gov/2020RS/bills/sb/sb0216f.pdf |
