HOUSE DOCKET, NO. 1020        FILED ON: 1/18/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1645

 

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

1/18/2017

Timothy R. Whelan

1st Barnstable

 

Susannah M. Whipps

2nd Franklin

 

Steven S. Howitt

4th Bristol

 

Tackey Chan

2nd Norfolk

 

Kimberly N. Ferguson

1st Worcester

 

Diana DiZoglio

14th Essex

 

Carlos González

10th Hampden

2/2/2017

Marc T. Lombardo

22nd Middlesex

 

Randy Hunt

5th Barnstable

 

Aaron Vega

5th Hampden

 

Anne M. Gobi

Worcester, Hampden, Hampshire and Middlesex

 

Jennifer L. Flanagan

Worcester and Middlesex

 

Harold P. Naughton, Jr.

12th Worcester

 

Stephan Hay

3rd Worcester

 

James Arciero

2nd Middlesex

 


HOUSE DOCKET, NO. 1020        FILED ON: 1/18/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1645

By Mr. Zlotnik of Gardner, a petition (accompanied by bill, House, No. 1645) of Jonathan D. Zlotnik and others relative to the taxation of inventory of tangible property of corporations.  Revenue.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 2701 OF 2015-2016.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninetieth General Court
(2017-2018)

_______________

 

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.