HOUSE DOCKET, NO. 2664        FILED ON: 1/14/2009

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3750

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act to extend the net operating loss carry forward provision..

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

SECTION 1.  In the last sentence of paragraph 4, subsection 5, section 30 of chapter 63 of the General Laws, the words “prior to January 1, 2009” are inserted after “taxable year”.  The amended sentence should read as follows:  “Losses sustained in any taxable year prior to January 1, 2009, may be carried forward for not more than five years and may not be carried back.”  The following sentence should be inserted thereafter: “Losses sustained in any taxable year beginning on January 1, 2009, may be carried forward for not more than twenty years and may not be carried back.”

SECTION 2.  Notwithstanding any general or special law to the contrary,

the net operating loss carry-forward allowance established in subsection 5, section 30 of chapter 63 of the General Laws and amended herein, shall be applicable to any company subject to Massachusetts corporate excise taxation.

SECTION 3.  The provisions of this act shall take effect on January 1, 2010, or on the day after publication, whichever is later.