SENATE DOCKET, NO. 1605        FILED ON: 1/16/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1591

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Bruce E. Tarr

_________________

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 to phase out the corporate excise tax on property of net worth.

_______________

PETITION OF:

 

Name:

District/Address:

Bruce E. Tarr

First Essex and Middlesex

Viriato M. deMacedo

Plymouth and Barnstable

Donald F. Humason, Jr.

Second Hampden and Hampshire


SENATE DOCKET, NO. 1605        FILED ON: 1/16/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1591

By Mr. Tarr, a petition (accompanied by bill, Senate, No. 1591) of Bruce E. Tarr, Viriato M. deMacedo and Donald F. Humason, Jr. for legislation to phase out the corporate excise tax on property of net worth.  Revenue.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1437 OF 2013-2014.]

 

The Commonwealth of Massachusetts

 

_______________

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

_______________

 

An Act to phase out the corporate excise tax on property of net worth.

 

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 39 of chapter 63 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by striking lines 36-39, inclusive, and inserting in place thereof the following:-

(1) $2.60 per 1,000 for taxable years beginning on or after January 1, 2016 but before January 1, 2017;

$2.23 per 1,000 for taxable years beginning on or after January 1, 2017 but before January 1, 2018;

$1.86 per 1,000 for taxable years beginning on or after January 1, 2018 but before January 1, 2019;

$1.49 per 1,000 for taxable years beginning on or after January 1, 2019 but before January 1, 2020;

$1.11 per 1,000 for taxable years beginning on or after January 1, 2020 but before January 1, 2021;

$0.74 per 1,000 for taxable years beginning on or after January 1, 2021 but before January 1, 2022;

$0.37 per 1,000 for taxable years beginning on or after January 1, 2022 but before January 1, 2023; and

$0.00 per 1,000 for taxable years beginning on or after January 1, 2023 but before January 1, 2024, and for all subsequent taxable years; 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; and

SECTION 2. Section 1 shall be effective for tax years beginning on or after January 1, 2015.