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SB 0653 - Income Tax - Expensing of Business Property and Bonus Depreciation
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Tracking Level: No Position
Sponsor: Senator Katherine Klausmeier, District 8
Last Action: 3/7/2012 - S Hearing cancelled - Hearing 3/13 at 1:30 p.m.
Senate Committee: Senate Committee on Budget and Taxation
Assigned To:
AndreaNext Bill
Taxes and RevenuesNext Bill

Staff Analysis of the Legislation


Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text
BILL INFO-2012 Regular Session-SB 653
2012 Regular Session

SENATE BILL 653

File Code: Taxes - Income Prior Year Introduction As: HB 669/09 - W&M Crossfiled with: HOUSE BILL 581
Sponsored By:
Senators Klausmeier, Kittleman, Astle, Colburn, Forehand, Garagiola, Glassman, King, Middleton, and Peters
Entitled:
Income Tax - Expensing of Business Property and Bonus Depreciation

Synopsis:

Limiting to property placed in service before January 1, 2012, the applicability of Maryland income tax modifications for specified deductions for the cost of the property that is treated as an expense for federal income tax purposes; limiting to property placed in service before January 1, 2012, the applicability of Maryland income tax modifications for a specified additional depreciation allowance under the federal income tax for specified property; and applying the Act to taxable years ending after December 31, 2011.

History by Legislative and Calendar Date

Legislative date is used to record history occurring in the Chambers otherwise Calendar date is used. For explanation of terms click here.
Senate Action
2/3
First Reading Budget and Taxation
2/8
Hearing 3/13 at 1:00 p.m.
3/7
Hearing cancelled
Hearing 3/13 at 1:30 p.m.
House Action
No Action

Sponsored by:

Senator Katherine Klausmeier, District 8
Senator John C. Astle, District 30
Senator Richard F. Colburn, District 37
Senator Jennie M. Forehand, District 17
Senator Rob Garagiola, District 15
Senator Barry Glassman, District 35
Senator Nancy J. King, District 39
Senator Allan H. Kittleman, District 9
Senator Thomas M. Middleton, District 28
Senator Douglas J. J. Peters, District 23

Bill indexed under the following Subjects:

Corporations -see also- Municipal Corps; Public Corps & Inst
Equipment -see also- Motor Vehicle Equipment
Exemptions
Income Tax
Personal Property

Bill affects the following Statutes:

Tax - General
( 10-210.1 , 10-210.1 , 10-310 )

Documents

All documents except Roll Call Votes are displayed in PDF format:
Bill Text: First Reading, Third Reading, Enrolled
Fiscal and Policy Note: Available
Amendments: None offered