SB 216

Income Tax - Carried Interest - Additional Tax

Sponsor: Senator PinskyCommittee: Budget and TaxationSubject: Taxes - IncomeStatus: Hearing 1/29 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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Analysis reads the bill text, the fiscal note, and the witness list. It is generated by Claude and reviewed by nobody, so check the source documents before you rely on it.

Testimony (20)

MGA witness list

FAV 15FavorableUNF 5Unfavorable

Position	Witness	Organization	Testimony
FAV	SMALLS, CINDYlobbyist	ADSCME COUNCIL 3	Position only
FAV	Gardiner, Shamoyialobbyist	Advocates for Children and Youth	Written (PDF)
FAV	English, Marietta	American Federation of Teachers-Maryland	Written (PDF)
FAV	Byrne, Julia	Baltimore County	Written (PDF)
FAV	Hershkowitz, Steven	CCAN Action Funs	Oral
FAV	Schumitz, Kalilobbyist	Fair Funding Coalition	Oral + Written (PDF)
FAV	Nathan, Sara	Jews United For Justice	Written (PDF)
FAV	EDWARDS, DONNA	MD DC AFL CIO	Written (PDF)
FAV	Payne, Erica	Patriotic Millionaires	Position only
FAV	Francaviglia, Joe	Strong Schools Maryland	Written (PDF)
FAV	DOWNER, TIA	Individual	Oral
FAV	JACKSON, KIJUAN	Individual	Oral
FAV	Khan, Charles	Individual	Oral + Written (PDF)
FAV	Senator Pinsky, Senator Pinskylegislator	Individual	Oral + Written (PDF)
FAV	Zwerling, Samanthalobbyist	Individual	Oral + Written (PDF)
UNF	Tech Council, Maryland	MTC	Written (PDF)
UNF	Constantino, Louis	Managed Funds Assciation	Written (PDF)
UNF	Duckman, Ashley	Maryland Chamber of Commerce	Written (PDF)
UNF	O'Halloran, Mike	NFIB	Position only
UNF	DiPietro, Chris	Securities Industry & Financial Markets Association	Written (PDF)