SENATE DOCKET, NO. 1612        FILED ON: 1/16/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1592

 

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 relative to corporate excise tax reform.

_______________

PETITION OF:

 

Name:

District/Address:

Bruce E. Tarr

First Essex and Middlesex

Viriato M. deMacedo

Plymouth and Barnstable

Robert L. Hedlund

Plymouth and Norfolk

Donald F. Humason, Jr.

Second Hampden and Hampshire


SENATE DOCKET, NO. 1612        FILED ON: 1/16/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1592

By Mr. Tarr, a petition (accompanied by bill, Senate, No. 1592) of Bruce E. Tarr, Viriato M. deMacedo, Robert L. Hedlund and Donald F. Humason, Jr. for legislation relative to corporate excise tax reform.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

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

_______________

 

An Act relative to corporate excise tax reform.

 

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. Chapter 63 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting after section 38FF the following section:-

Section __. (a) A corporation formed under chapter 156D and taxable under this chapter shall receive a nontransferrable credit against an excise tax imposed under subsection (b) of section 2, subsection (b) of section 2B or subsection (b) of section 39.

(b) A corporation shall be eligible for a credit under subsection (a) only for the first 3 years in which it is required to file a return under this chapter; provided, however, that such credit shall not be allowed to any corporation with 50 percent or more of its voting stock owned by another corporation, whether or not such owning corporation is taxable in the commonwealth