HB 215

Income Tax - Carried Interest - Additional Tax

Sponsor: Julie Palakovich Carr (District 17)Committee: Ways and MeansSubject: Taxes - IncomeStatus: Hearing 1/21 at 1:30 p.m. (as of Dec 1, 2021)

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 for the calculation of the tax; 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, 2020; etc.

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Testimony (25)

MGA witness list

FAV 13FavorableUNF 12Unfavorable

Position	Witness	Organization	Testimony
FAV	Appletree, Roy	League of Women Voters of Maryland	Written (PDF)
FAV	Schumitz, Kalilobbyist	Maryland Center on Economic Policy	Written (PDF)
FAV	Jackson, Kuijuan	Maryland Communities United	Oral
FAV	Slayton, Kevin	Maryland Fair Funding Coalition	Written (PDF)
FAV	Plante, Cecilia	Maryland Legislative Coalition	Written (PDF)
FAV	Zwerling, Samanthalobbyist	Maryland State Education Association	Written (PDF)
FAV	Edwards, Donna	Maryland State and DC AFL-CIO	Written (PDF)
FAV	Payne, Erica	Patriotic Millionaires	Oral + Written (PDF)
FAV	Delegate Palakovich Carr, Delegate Palakovich Carrlegislator	Individual	Position only
FAV	Palakovich Carr, Julie	Individual	Written (PDF)
FAV	Riley, Deniselobbyist	Individual	Written (PDF)
FAV	Simon, Travis	Individual	Written (PDF)
FAV	Smalls, Cindylobbyist	Individual	Written (PDF)
UNF	Lukso, Michael	American Investment Council	Written (PDF)
UNF	Marczyk, Bernard	Cornerstone Government Affairs	Written (PDF)
UNF	Hall, Josh	Invest In Maryland Coalition	Oral
UNF	Graf, Lorilobbyist	Maryland Building Industry Association	Written (PDF)
UNF	Griffin, Andrewlobbyist	Maryland Chamber of Commerce	Written (PDF)
UNF	Mitchell, Susan	Maryland REALTORS	Oral + Written (PDF)
UNF	Swanson, Tricia	Montgomery County Chamber of Commerce	Written (PDF)
UNF	Johansen, Michaellobbyist	RWL	Oral + Written (PDF)
UNF	DiPietro, Chris	Securities Industry and Financial Markets Association	Written (PDF)
UNF	Field, Justin	Individual	Written (PDF)
UNF	Field, Justin	Individual	Oral
UNF	Franklin, Bobby	Individual	Written (PDF)

Organizations on record

American Investment CouncilUNF 1

Cornerstone Government AffairsUNF 1

Invest In Maryland CoalitionUNF 1

League of Women Voters of MarylandFAV 1

Maryland Building Industry AssociationUNF 1

Maryland Center on Economic PolicyFAV 1

Maryland Chamber of CommerceUNF 1

Maryland Communities UnitedFAV 1

Maryland Fair Funding CoalitionFAV 1

Maryland Legislative CoalitionFAV 1

Maryland REALTORSUNF 1

Maryland State and DC AFL-CIOFAV 1

Maryland State Education AssociationFAV 1

Montgomery County Chamber of CommerceUNF 1

Patriotic MillionairesFAV 1

RWLUNF 1

Securities Industry and Financial Markets AssociationUNF 1

Registered lobbyists who testified

FAVSchumitz, KaliMaryland Center on Economic PolicyRegistered for: Maryland Center on Economic Policy

FAVZwerling, SamanthaMaryland State Education AssociationRegistered for: Maryland State Education Association

FAVRiley, DeniseRegistered for: American Federation of Teachers - Maryland

FAVSmalls, CindyRegistered for: AFSCME IU

UNFGraf, LoriMaryland Building Industry AssociationRegistered for: Maryland Building Industry 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…

UNFJohansen, MichaelRWLRegistered for: 1/ST Racing MD LLC; ASC Engineered Solutions; Access Holdings Management Company, LLC; Alterwood Health, Inc.; Ashley, Inc.; Baltimore Streetcar Museum…