MD SB979 | 2020 | Regular Session
Status
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on February 3 2020 - 25% progression, died in committee
Action: 2020-02-10 - Hearing 3/04 at 1:00 p.m.
Pending: Senate Budget and Taxation Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 3 2020 - 25% progression, died in committee
Action: 2020-02-10 - Hearing 3/04 at 1:00 p.m.
Pending: Senate Budget and Taxation Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Allowing a credit against the State income tax for certain qualified capital expenses for use in value-added processing conducted in the State; requiring the Department of Commerce to administer the tax credit; prohibiting a certain business entity from claiming, for the same qualified capital expenses, the credit under the Act and a certain credit against the State income tax for certain expenditures at certain wineries and certain vineyards; etc.
Title
Income Tax Credit - Value-Added Processing Expenses
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2020-02-10 | Senate | Hearing 3/04 at 1:00 p.m. |
| 2020-02-10 | Senate | Hearing canceled |
| 2020-02-06 | Senate | Hearing 3/04 at 2:00 p.m. |
| 2020-02-03 | Senate | First Reading Budget and Taxation |
Subjects
Agriculture
Aquaculture
Commerce, Department of
Comptroller
Forests and Parks
Income Tax
Rules and Regulations
Tax Credits
Taxes - Income
Aquaculture
Commerce, Department of
Comptroller
Forests and Parks
Income Tax
Rules and Regulations
Tax Credits
Taxes - Income
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| Tax - General | 10 | 735 | (n/a) | See Bill Text |
| Tax - General | 10 | 735.1 | (n/a) | See Bill Text |
Maryland State Sources
| Type | Source |
|---|---|
| Summary | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0979?ys=2020RS |
| Text | https://mgaleg.maryland.gov/2020RS/bills/sb/sb0979f.pdf |
