HB 439

Income Tax - Carried Interest - Additional Tax

Sponsor: Delegate MosbyCommittee: Ways and MeansSubject: Taxes - IncomeStatus: Hearing 2/12 at 1:00 p.m. (as of Nov 6, 2020)

What this bill does

Official synopsis

Imposing a tax of 17% on the Maryland taxable income attributable to certain investment management services of an individual or a corporation or the distributive share of a pass-through entity; providing that the tax does not apply to investment management services if at least 80% of the specified assets consists of real estate; terminating the Act if certain federal legislation is enacted into law; applying the Act to taxable years beginning after December 31, 2019; etc.

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Testimony (17)

MGA witness list

FAV 13FavorableUNF 4Unfavorable

Position	Witness	Organization	Testimony
FAV	Gardiner, Shamoyialobbyist	ACY	Written (PDF)
FAV	Byrne, Julia	Baltimore County	Written (PDF)
FAV	Downer, Tia	Communities United	Position only
FAV	Edwards, Donna	MD DC AFL-CIOI	Written (PDF)
FAV	Orr, Benjamin	Maryland Center on Economic Policy	Position only
FAV	Schumitz, Kalilobbyist	Maryland Fair Funding Coalition	Written (PDF)
FAV	Payne, Erica	Patriotic Millionaires	Oral
FAV	Smith, Wendy	SEIU	Position only
FAV	smith, wendy	SEIU Local 500	Position only
FAV	smalls, cindylobbyist	afscne council 3	Position only
FAV	zwerling, samanthalobbyist	msea	Written (PDF)
FAV	francaviglia, Joe	strong schools maryland	Written (PDF)
FAV	Delegate Mosby, Delegate Mosbylegislator	Individual	Oral + Written (PDF)
UNF	Constantino, Lou	Managed Funds Association	Written (PDF)
UNF	Griffin, Andrewlobbyist	Maryland Chamber of Commerce	Written (PDF)
UNF	Swanson, Tricia	Montgomery County Chamber of Commerce	Written (PDF)
UNF	DiPietro, Chris	Securities Industry & Financial Markets Association	Written (PDF)

Organizations on record

ACYFAV 1

afscne council 3FAV 1

Baltimore CountyFAV 1

Communities UnitedFAV 1

Managed Funds AssociationUNF 1

Maryland Center on Economic PolicyFAV 1

Maryland Chamber of CommerceUNF 1

Maryland Fair Funding CoalitionFAV 1

MD DC AFL-CIOIFAV 1

Montgomery County Chamber of CommerceUNF 1

mseaFAV 1

Patriotic MillionairesFAV 1

Securities Industry & Financial Markets AssociationUNF 1

SEIUFAV 1

SEIU Local 500FAV 1

strong schools marylandFAV 1

Registered lobbyists who testified

FAVGardiner, ShamoyiaACYRegistered for: Strong Schools Maryland, care of The Fund for Educational Excellence

FAVSchumitz, KaliMaryland Fair Funding CoalitionRegistered for: Maryland Center on Economic Policy

FAVsmalls, cindyafscne council 3Registered for: AFSCME IU

FAVzwerling, samanthamseaRegistered for: Maryland State Education Association

UNFGriffin, AndrewMaryland Chamber of CommerceRegistered for: Alliance to Prevent Legionnaire's Disease; American Subcontractors Association of Baltimore; Annapolis Maritime Museum & Park; Associated Utility Contractors of Maryland; Experience Prince George's; Howard County Chamber of Commerce…