SENATE DOCKET, NO. 508        FILED ON: 1/17/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1788

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Sal N. DiDomenico

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to restoring corporate tax rates.

_______________

PETITION OF:

 

Name:

District/Address:

 

Sal N. DiDomenico

Middlesex and Suffolk

 

Rebecca L. Rausch

Norfolk, Worcester and Middlesex

1/23/2023

Erika Uyterhoeven

27th Middlesex

1/27/2023

Jason M. Lewis

Fifth Middlesex

1/31/2023

Vanna Howard

17th Middlesex

1/31/2023

Michael D. Brady

Second Plymouth and Norfolk

2/1/2023

Michael J. Barrett

Third Middlesex

2/1/2023

Mike Connolly

26th Middlesex

2/6/2023

Liz Miranda

Second Suffolk

2/9/2023

James B. Eldridge

Middlesex and Worcester

2/14/2023

Adam Gomez

Hampden

2/23/2023

Patricia D. Jehlen

Second Middlesex

2/27/2023

Rita A. Mendes

11th Plymouth

4/12/2023

Manny Cruz

7th Essex

12/21/2023


SENATE DOCKET, NO. 508        FILED ON: 1/17/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1788

By Mr. DiDomenico, a petition (accompanied by bill, Senate, No. 1788) of Sal N. DiDomenico, Rebecca L. Rausch, Erika Uyterhoeven, Jason M. Lewis and other members of the General Court for legislation to restore corporate tax rates.  Revenue.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1839 OF 2021-2022.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Third General Court
(2023-2024)

_______________

 

An Act relative to restoring corporate tax rates.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION A. Section 2 of chapter 63 of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by striking subsection (b) and replacing it with the following:-

(b) Any corporation taxable under this section shall pay an excise measured by its net income determined to be taxable under section 2A at the following rates:-- (i) for each taxable year beginning on or after January 1, 1995, but before January 1, 2010, 10.5 per cent; (ii) for each taxable year beginning on or after January 1, 2010, but before January 1, 2011, 10.0 per cent; (iii) for each taxable year beginning on or after January 1, 2011, but before January 1, 2012, 9.5 per cent; (iv) for each taxable year beginning on or after January 1, 2012, but before January 1, 2023, 9.0 per cent; or (v) for each taxable year beginning on or after January 1, 2023 and thereafter, 10.5 percent; provided, however, that in no case shall the excise imposed under this section amount to less than $456.

SECTION B. Paragraph (2) of subsection (a) of section 39 of Chapter 63 of the General Laws is hereby amended by striking subparagraph (i) and replacing it with the following:-

(i) For tax years beginning before January 1, 2010, 9.5 per cent of its net income determined to be taxable in accordance with this chapter; (ii) for tax years beginning on or after January 1, 2010, but before January 1, 2011, 8.75 per cent of its net income determined to be taxable in accordance with this chapter; (iii) for tax years beginning on or after January 1, 2011, but before January 1, 2012, 8.25 per cent of its net income determined to be taxable in accordance with this chapter; (iv) for tax years beginning on or after January 1, 2012 but before January 1, 2023, 8.0 per cent of its net income determined to be taxable in accordance with this chapter; or, (v) for tax years beginning on or after January 1, 2023 and thereafter, 9.5 per cent of its net income determined to be taxable in accordance with this chapter.