Income Tax - Subtraction Modification - Employee-Owned Businesses
Sponsor: Brian J. Feldman (District 15)Committee: Budget and TaxationSubject: Taxes - IncomeStatus: First Reading Ways and Means (as of Nov 15, 2022)
What this bill does
Official synopsis
Allowing a subtraction modification under the State income tax for income from a qualified transfer of stock or membership interest of a Maryland corporation or limited liability company to certain employee ownership entities; limiting the amount of the subtraction if the transfer is to a direct share ownership plan; applying the Act to taxable years beginning after December 31, 2021; 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 (9)
MGA witness listFAV 8FavorableUNF 1Unfavorable
| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | O'Kane, Bryant | Capital Forest Products, Inc. | Oral + Written (PDF) |
| FAV | MacFarlane, Ian | EA Engineering, Science, and Technology, Inc., PBC | Oral + Written (PDF) |
| FAV | Croft, Christopher | Maryland Center for Employee Wonership | Oral + Written (PDF) |
| FAV | Horn, Paul | WorkPlace Consultants, LLC | Written (PDF) |
| FAV | Davis, Charlotte | Individual | Oral + Written (PDF) |
| FAV | Feldman, Brian | Individual | Oral |
| FAV | Senator Feldman, Senator Feldmanlegislator | Individual | Oral |
| FAV | Shipper, Frank | Individual | Written (PDF) |
| UNF | Kinnally, Kevin | Maryland Association of Counties (MACo) | Written (PDF) |