Legislation - SB0561

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.

Committees

Original:: Budget and Taxation Click to view Recorded Media

Opposite:: Ways and Means

Committee Testimony

Witness List

Details

Cross-filed with: HB0403

Introduced in a prior session as: SB0409 Session: 2019 Regular Session

Bill File Type: Regular

Effective Date(s): July 1, 2022

History

Legislation History
Chamber Senate Calendar Date 1/31/2022 Legislative Date 1/31/2022 Action First Reading Budget and Taxation Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Income Tax - Subtraction Modification - Employee-Owned Businesses Proceedings
Chamber Senate Calendar Date 2/01/2022 Legislative Date 2/01/2022 Action Hearing 2/16 at 1:00 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - Senate - Committee - Budget and Taxation Proceedings Click to view Recorded Media
Chamber Senate Calendar Date 3/17/2022 Legislative Date 3/17/2022 Action Favorable with Amendments Report by Budget and Taxation Proceedings
Chamber Senate Calendar Date 3/17/2022 Legislative Date 3/05/2022 Action Favorable with Amendments {523621/1 Adopted Proceedings 45AClick to view Recorded Media
Chamber Senate Calendar Date 3/17/2022 Legislative Date 3/05/2022 Action Second Reading Passed with Amendments Proceedings 45AClick to view Recorded Media
Chamber Calendar Date Legislative Date Action Text - Third - Income Tax - Subtraction Modification - Employee-Owned Businesses Proceedings
Chamber Senate Calendar Date 3/18/2022 Legislative Date 3/07/2022 Action Third Reading Passed (46-0) Proceedings 47 Click to view Recorded Media
Chamber House Calendar Date 3/18/2022 Legislative Date 3/12/2022 Action Referred Ways and Means Proceedings 33 Click to view Recorded Media

Chamber	Calendar Date	Legislative Date	Action	Proceedings
Senate	1/31/2022	1/31/2022	First Reading Budget and Taxation
			Text - First - Income Tax - Subtraction Modification - Employee-Owned Businesses
Senate	2/01/2022	2/01/2022	Hearing 2/16 at 1:00 p.m.
			Vote - Senate - Committee - Budget and Taxation	Click to view Recorded Media
Senate	3/17/2022	3/17/2022	Favorable with Amendments Report by Budget and Taxation
Senate	3/17/2022	3/05/2022	Favorable with Amendments {523621/1 Adopted	45AClick to view Recorded Media
Senate	3/17/2022	3/05/2022	Second Reading Passed with Amendments	45AClick to view Recorded Media
			Text - Third - Income Tax - Subtraction Modification - Employee-Owned Businesses
Senate	3/18/2022	3/07/2022	Third Reading Passed (46-0)	47 Click to view Recorded Media
House	3/18/2022	3/12/2022	Referred Ways and Means	33 Click to view Recorded Media

File Code

Subjects

Statutes