MD SB561 | 2022 | Regular Session
Note: Carry Over of previous SB409
Status
Spectrum: Slight Partisan Bill (Democrat 10-6)
Status: Engrossed on March 18 2022 - 50% progression, died in committee
Action: 2022-03-18 - Referred Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Engrossed) [PDF]
Status: Engrossed on March 18 2022 - 50% progression, died in committee
Action: 2022-03-18 - Referred Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Engrossed) [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
Roll Calls
2022-03-18 - Senate - Third Reading Passed (Y: 46 N: 0 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-03-18 | House | Referred Ways and Means |
| 2022-03-18 | Senate | Third Reading Passed (46-0) |
| 2022-03-17 | Senate | Second Reading Passed with Amendments |
| 2022-03-17 | Senate | Favorable with Amendments {523621/1 Adopted |
| 2022-03-17 | Senate | Favorable with Amendments Report by Budget and Taxation |
| 2022-02-01 | Senate | Hearing 2/16 at 1:00 p.m. |
| 2022-01-31 | Senate | First Reading Budget and Taxation |
Same As/Similar To
HB403 (Crossfiled) 2022-01-26 - Hearing 2/09 at 1:00 p.m.
SB409 (Carry Over) 2019-02-01 - Hearing 2/20 at 1:00 p.m.
SB409 (Carry Over) 2019-02-01 - Hearing 2/20 at 1:00 p.m.
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 |
