MD HB357 | 2021 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 13 2021 - 25% progression, died in committee
Action: 2021-01-07 - Hearing 1/28 at 1:30 p.m.
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 13 2021 - 25% progression, died in committee
Action: 2021-01-07 - Hearing 1/28 at 1:30 p.m.
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Imposing a State income tax on income distributed to certain members of certain pass-through entities from the pass-through entity's taxable income exceeding $1,000,000; providing that the tax does not apply to the income of a pass-through entity that is a sole proprietorship or has implemented a certain employee stock ownership plan; applying the Act to taxable years beginning after December 31, 2020; etc.
Title
Income Tax - Pass-Through Entity - Additional Tax
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2021-01-07 | House | Hearing 1/28 at 1:30 p.m. |
| 2021-01-13 | House | First Reading Ways and Means |
| 2020-09-25 | House | Pre-filed |
Subjects
Business Trusts
Corporations
Income Tax
Limited Liability Companies
Partnerships
Tax Credits
Taxes - Income
Corporations
Income Tax
Limited Liability Companies
Partnerships
Tax Credits
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 |
| Tax - General | 10 | 701.1 | (n/a) | See Bill Text |
Maryland State Sources
| Type | Source |
|---|---|
| Summary | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0357?ys=2021RS |
| Text | https://mgaleg.maryland.gov/2021RS/bills/hb/hb0357f.pdf |
