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Bill > HB482

MD HB482

MD HB482
Income Tax Credits – Endowments of Maryland Historically Black Colleges and Universities and Film Production Activity – Establishment and Alterations

summary

Introduced
02/01/2019
In Committee
04/05/2019
Crossed Over
03/14/2019
Passed
04/08/2019
Dead
Signed/Enacted/Adopted
05/13/2019

Introduced Session

2019 Regular Session

Bill Summary

Allowing a credit against the State income tax for a certain amount of donations to certain qualified permanent endowment funds at Bowie State University, Coppin State University, Morgan State University, or University of Maryland Eastern Shore; requiring certain taxpayers to add a certain deduction back to federal adjusted gross income to determine Maryland adjusted gross income; limiting the amount of tax credit certificates certified by the Comptroller to no more than $240,000; applying the Act to certain taxable years; etc.

AI Summary

This bill allows for a state income tax credit of up to 25% of donations made to qualified permanent endowment funds at Maryland's historically Black colleges and universities (Bowie State University, Coppin State University, Morgan State University, or University of Maryland Eastern Shore). The total amount of tax credits certified by the Comptroller is limited to $240,000 per year, with 25% of that amount reserved for each institution. The bill also makes changes to the definition of a "Maryland small or independent film entity" to reduce the required incorporation period from 1 year to 3 months. The tax credit provisions are effective for taxable years beginning after December 31, 2018 but before January 1, 2024.

Committee Categories

Budget and Finance

Sponsors (22)

Last Action

Approved by the Governor - Chapter 544 (on 05/13/2019)

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