SB 361

Did not advance

Income Tax - Carried Interest - Additional Tax

Sponsor: Senator PinskyCommittee: Budget and TaxationSubject: Taxes - IncomeStatus: Hearing 2/09 at 1:00 p.m. (as of Nov 15, 2022)

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; and terminating the Act if certain federal legislation is enacted into law.

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Testimony (20)

MGA witness list

FAV 11FavorableUNF 9Unfavorable

Position	Witness	Organization	Testimony
FAV	Smalls, Cindylobbyist	AFSCME	Written (PDF)
FAV	Schumitz, Kalilobbyist	Maryland Center on Economic Policy	Written (PDF)
FAV	Slayton, Kevin	Maryland Fair Funding Coalition	Oral + Written (PDF)
FAV	Plante, Cecilia	Maryland Legislative Coalition	Written (PDF)
FAV	Bogdan, Henrylobbyist	Maryland Nonprofits	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	Wilkerson, Alicelobbyist	Strong Future Maryland	Written (PDF)
FAV	Riley, Deniselobbyist	Individual	Written (PDF)
FAV	Senator Pinsky, Senator Pinskylegislator	Individual	Oral
UNF	Bryan, Charles	Bengur Bryan & Co, Inc.	Oral
UNF	DiPietro, Chris	CDi Consulting Services, L.L.C.	Written (PDF)
UNF	Guttman, Randy	JMI Equity	Oral
UNF	Schwartz, Joseph	Managed Funds Association	Oral + Written (PDF)
UNF	Griffin, Andrewlobbyist	Maryland Chamber of Commerce	Written (PDF)
UNF	Levine, Brianlobbyist	Montgomery County Chamber of Commerce	Written (PDF)
UNF	Johansen, Michaellobbyist	RWL	Oral + Written (PDF)
UNF	Gilrein, Christopher	TechNet	Written (PDF)
UNF	Ballentine, Tom	Individual	Written (PDF)

Organizations on record

AFSCMEFAV 1

Bengur Bryan & Co, Inc.UNF 1

CDi Consulting Services, L.L.C.UNF 1

JMI EquityUNF 1

Managed Funds AssociationUNF 1

Maryland Center on Economic PolicyFAV 1

Maryland Chamber of CommerceUNF 1

Maryland Fair Funding CoalitionFAV 1

Maryland Legislative CoalitionFAV 1

Maryland NonprofitsFAV 1

Maryland State and DC AFL-CIOFAV 1

Maryland State Education AssociationFAV 1

Montgomery County Chamber of CommerceUNF 1

Patriotic MillionairesFAV 1

RWLUNF 1

Strong Future MarylandFAV 1

TechNetUNF 1

Registered lobbyists who testified

FAVSmalls, CindyAFSCMERegistered for: AFSCME IU

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

FAVBogdan, HenryMaryland NonprofitsRegistered for: Maryland Nonprofits

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

FAVWilkerson, AliceStrong Future MarylandRegistered for: Advance Maryland

FAVRiley, DeniseRegistered for: American Federation of Teachers - Maryland

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…

UNFLevine, BrianMontgomery County Chamber of CommerceRegistered for: Montgomery 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…