HOUSE DOCKET, NO. 4311        FILED ON: 6/10/2014

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Jonathan D. Zlotnik

_________________

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 the taxation of inventory in manufacturing.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Jonathan D. Zlotnik

2nd Worcester

6/10/2014

James Arciero

2nd Middlesex

6/11/2014

John Velis

4th Hampden

6/11/2014

Diana DiZoglio

14th Essex

6/10/2014

James J. Dwyer

30th Middlesex

6/18/2014

Stephen L. DiNatale

3rd Worcester

6/10/2014

Josh S. Cutler

6th Plymouth

6/10/2014

Jennifer L. Flanagan

Worcester and Middlesex

6/12/2014

Kimberly N. Ferguson

1st Worcester

6/11/2014

Dennis A. Rosa

4th Worcester

6/17/2014

Frank A. Moran

17th Essex

6/11/2014

Leonard Mirra

2nd Essex

6/10/2014

Paul R. Heroux

2nd Bristol

6/11/2014

Anne M. Gobi

5th Worcester

6/12/2014

Tackey Chan

2nd Norfolk

6/11/2014

Jeffrey N. Roy

10th Norfolk

6/18/2014

Brian R. Mannal

2nd Barnstable

6/11/2014

Alan Silvia

7th Bristol

6/11/2014

Nick Collins

4th Suffolk

6/11/2014

Sheila C. Harrington

1st Middlesex

6/17/2014

Aaron Vega

5th Hampden

 


HOUSE DOCKET, NO. 4311        FILED ON: 6/10/2014

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

By Mr. Zlotnik of Gardner, a petition (subject to Joint Rule 12) of Jonathan D. Zlotnik and others for legislation to eliminate the inventory tax for manufacturers.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the Year Two Thousand Fourteen

_______________

 

An Act relative to the taxation of inventory in manufacturing.

 

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. Paragraph  7 of section 30 of chapter 63 of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by striking out the first sentence and inserting in place thereof the following 2 sentences:- The value of tangible property taxable under subclause (A) of clause (1) of subsection (a) of section 39, for a corporation, except for a manufacturing corporation as defined in section 42B,  shall be the book value of the corporation’s tangible property situated in the commonwealth on the last day of the taxable year as is not subject to local taxation nor taxable under section 67. The value of tangible property taxable under subclause (B) of clause (1) of subsection (a) of section 39, for a manufacturing corporation, as that term is defined in section 42B,  shall be the book value of the manufacturing corporation’s tangible property held as raw material for the purpose of manufacturing and situated in the commonwealth on the last day of the taxable year as is not subject to local taxation nor taxable under section 67.

SECTION 2. Subsection (a) of said chapter 63, as so appearing, is hereby amended by striking out clause (1) and inserting in place thereof the following clause:-

(1) (A) In the case of a business corporation other than a manufacturing corporation, as that term is defined in section 42B, $2.60 per 1,000 upon the value of: (i) its tangible property as determined to be taxable under paragraph 7 of section 30 if a tangible property corporation; or (ii) its net worth as determined to be taxable under paragraph 8 of section 30 if an intangible property corporation; or (B) in the case of a manufacturing corporation, as that term is defined in section 42B: (i) for tax years beginning on or after January 1, 2014, $2.00 per 1,000 upon the value of its tangible property as determined to be taxable under paragraph 7 of section 30 if a tangible property corporation; (ii) for tax years beginning on or after January 1, 2015, $1.50 per 1,000 upon the value of its tangible property as determined to be taxable under paragraph 7 of section 30 if a tangible property corporation; (iii) for tax years beginning on or after January 1, 2016, $1.00 per 1,000 upon the value of its tangible property as determined to be taxable under paragraph 7 of section 30 if a tangible property corporation; (iv) for tax years beginning on or after January 1, 2017, $0.50 per 1,000 upon the value of its tangible property as determined to be taxable under paragraph 7 of section 30 if a tangible property corporation; (v) for tax years beginning on or after January 1, 2018, $0.00 per 1,000 upon the value of its tangible property as determined to be taxable under paragraph 7 of section 30 if a tangible property corporation; and.

SECTION 3. Section 42B of said chapter 63, as so appearing, is hereby amended by inserting after the word “corporation”, in line 11, the following words: - and except as set forth in clause (1) of subsection (a) of said section 39.