SENATE DOCKET, NO. 635        FILED ON: 1/15/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1473

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Benjamin B. Downing

_________________

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 retaliatory taxation.

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PETITION OF:

 

Name:

District/Address:

Benjamin B. Downing

Berkshire, Hampshire, Franklin and Hampden

Marjorie C. Decker

25th Middlesex


SENATE DOCKET, NO. 635        FILED ON: 1/15/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1473

By Mr. Downing, a petition (accompanied by bill, Senate, No. 1473) of Benjamin B. Downing and Marjorie C. Decker for legislation relative to retaliatory taxation by life insurance companies.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Eighty-Ninth General Court
(2015-2016)

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An Act relative to retaliatory taxation.

 

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.  Section 20 of chapter 63 of the General Laws is hereby amended by inserting after the third paragraph the following paragraph:-

Domestic life insurers which pay retaliatory taxes to other jurisdictions may claim a credit against the tax imposed by this section.  The amount of the credit shall be 15% of any retaliatory tax liability incurred pursuant to the laws of any other state in which the life insurer transacts business. The amount of the credit shall increase 5% per annual filing, until reaching 50% of any retaliatory tax liability.

SECTION 2. Section one shall apply with respect to taxable years beginning January 1, 2015.