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2007 Regular Session bill information current as of October 3, 2007 - 11:20 p.m.
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SENATE BILL 395

File Code: Taxes - Income
Prior Year Introduction As: SB 879/02

Sponsored By:
Senators Pinsky and Madaleno

Entitled:
Income Tax - Corporations - Denial of Deduction for Excessive Compensation of Officers and Directors


Synopsis:

Providing an addition modification under the Maryland corporate income tax for the amount of salary, wages, or other compensation for personal services paid or incurred by a corporation to an officer or director of the corporation in excess of 30 times the annual salary, wages, or other compensation for personal services of the lowest paid full-time employee; and applying the Act to taxable years beginning after December 31, 2006.


History by Legislative and Calendar Date Explain Legislative Date and Calendar Date

Senate Action
2/2
First Reading Budget and Taxation
2/7
Hearing 2/28 at 1:00 p.m.
House Action
No Action

Sponsored by:

Senator Paul G. Pinsky, District 22
Senator Richard S. Madaleno, Jr., District 18

Bill indexed under the following Subjects:

Corporations -see also- Municipal Corps; Public Corps & Inst
Exemptions
Income Tax
Salaries -see also- Overtime; Reimbursement Rates

Bill affects the following Statutes:

Tax - General
( 10-305 , 10-305 )


Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled

Fiscal and Policy Note (Displayed in PDF Format): Available

Amendments: None offered



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