Income Tax – Subtraction Modification – Trade or Business Expenses Resulting in Federal Loan Forgiveness
Sponsor: Jason C. Buckel (District 1B)Committee: Ways and MeansSubject: Taxes - IncomeStatus: Hearing 2/25 at 1:30 p.m. (as of Dec 1, 2021)
What this bill does
Official synopsis
Allowing a subtraction modification under the Maryland income tax for certain expenses paid or incurred during the taxable year if the payment of the expense results in forgiveness of a certain loan and the income that results from the forgiveness is excluded from federal adjusted gross income in accordance with certain provisions of the federal CARES Act; and applying the Act to taxable years 2020 and 2021.
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Testimony (3)
MGA witness listFAV 2FavorableUNF 1Unfavorable
| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Griffin, Andrewlobbyist | Maryland Chamber of Commerce | Written (PDF) |
| FAV | Delegate Buckel, Delegate Buckellegislator | Individual | Oral |
| UNF | Kinnally, Kevin | Maryland Association of Counties (MACo) | Written (PDF) |
Organizations on record
Registered lobbyists who testified
FAVGriffin, 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…