MD SB694 | 2020 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 1-0)
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
Requiring a certain worldwide headquartered company, if the company's parent corporation is a franchisor, to employ at the parent corporation's principal executive office in the State at least 400 full-time employees at all times between July 1, 2017, and June 30, 2020, in order to elect to use a certain formula to apportion certain income to the State for purposes of the income tax on corporations; applying the Act to taxable years beginning after December 31, 2019; etc.
Title
Corporate Income Tax - Single Sales Factor Apportionment Exemption - Worldwide Headquartered Company Election
Sponsors
Sen. Guy Guzzone [D] |
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
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
Tax - General | 10 | 402 | (n/a) | See Bill Text |
Maryland State Sources
Type | Source |
---|---|
Summary | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0694?ys=2020RS |
Text | https://mgaleg.maryland.gov/2020RS/bills/sb/sb0694f.pdf |