SB 288

Income Tax - Carried Interest - Additional Tax

Sponsor: Senator PinskyCommittee: Budget and TaxationSubject: Taxes - IncomeStatus: Hearing 1/21 at 11:00 a.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 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.

AI analysis is off. Set ANTHROPIC_API_KEY to enable summaries, pros and cons, and questions.

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 10FavorableUNF 10Unfavorable

Position	Witness	Organization	Testimony
FAV	Schumitz, Kalilobbyist	Maryland Center on Economic Policy	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	Berman, Sara	USGBC	Written (PDF)
FAV	Pinsky, Paul	Individual	Oral + Written (PDF)
FAV	Riley, Deniselobbyist	Individual	Written (PDF)
FAV	Senator Pinsky, Senator Pinskylegislator	Individual	Position only
FAV	Smalls, Cindylobbyist	Individual	Written (PDF)
UNF	Lukso, Michael	American Investment Council	Written (PDF)
UNF	Marczyk, Bernard	Cornerstone Government Affairs	Written (PDF)
UNF	Rahman, Omar	Invest in Maryland Coalition	Oral
UNF	Griffin, Andrewlobbyist	Maryland Chamber of Commerce	Written (PDF)
UNF	Mitchell, Susan	Maryland REALTORS	Written (PDF)
UNF	Swanson, Tricia	Montgomery County Chamber of Commerce	Written (PDF)
UNF	Johansen, Michaellobbyist	RWL	Oral + Written (PDF)
UNF	Ballentine, Tom	Individual	Written (PDF)
UNF	Field, Justin	Individual	Oral
UNF	Perry, Timlobbyist	Individual	Oral

Organizations on record

American Investment CouncilUNF 1

Cornerstone Government AffairsUNF 1

Invest in Maryland CoalitionUNF 1

Maryland Center on Economic PolicyFAV 1

Maryland Chamber of CommerceUNF 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

USGBCFAV 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

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…

UNFPerry, TimRegistered for: Miller Pipeline; 28 Walker Avenue; AT&T; Advantage Capital; Altria Client Services LLC and its Affiliates - Philip Morris USA Inc., John Middleton Co., U.S. Smokeless Tobacco Co., Helix Innovations LLC & NJOY, LLC; Altruix…