MD SB246 | 2021 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on January 13 2021 - 25% progression, died in committee
Action: 2020-12-22 - Hearing 1/21 at 11:00 a.m.
Pending: Senate Budget and Taxation Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 13 2021 - 25% progression, died in committee
Action: 2020-12-22 - Hearing 1/21 at 11:00 a.m.
Pending: Senate Budget and Taxation Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Allowing a credit against the State income tax for 50% of an investment made in a qualified innovation business, not to exceed $50,000, or $100,000 for a qualified investor that is a married couple filing jointly or a pass-through entity; requiring a qualified investor to meet certain requirements in order to be eligible for the credit; requiring the Department of Commerce to administer the credit; applying the Act to taxable years beginning after December 31, 2020; etc.
Title
Income Tax - Angel Investor Tax Credit Program
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2020-12-22 | Senate | Hearing 1/21 at 11:00 a.m. |
| 2021-01-13 | Senate | First Reading Budget and Taxation |
| 2020-10-16 | Senate | Pre-filed |
Same As/Similar To
HB360 (Crossfiled) 2020-12-22 - Hearing 1/21 at 1:30 p.m.
Subjects
Appeals
Appropriations
Commerce and Business
Commerce, Department of
Comptroller
Economic and Community Development
Income Tax
Investments
Notices
Reports
Revenue and Taxes
Rules and Regulations
Small Business
Sunset
Tax Credits
Taxes - Income
Appropriations
Commerce and Business
Commerce, Department of
Comptroller
Economic and Community Development
Income Tax
Investments
Notices
Reports
Revenue and Taxes
Rules and Regulations
Small Business
Sunset
Tax Credits
Taxes - Income
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| Economic Development | 5 | 109 | (n/a) | See Bill Text |
| Tax - General | 10 | 751 | (n/a) | See Bill Text |
Maryland State Sources
| Type | Source |
|---|---|
| Summary | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0246?ys=2021RS |
| Text | https://mgaleg.maryland.gov/2021RS/bills/sb/sb0246f.pdf |
