SENATE DOCKET, NO. 287 FILED ON: 1/13/2017
SENATE . . . . . . . . . . . . . . No. 1640
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The Commonwealth of Massachusetts
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PRESENTED BY:
Bruce E. Tarr
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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.
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PETITION OF:
Name: | District/Address: |
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Bruce E. Tarr | First Essex and Middlesex |
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David F. DeCoste | 5th Plymouth | 1/31/2017 |
Richard J. Ross | Norfolk, Bristol and Middlesex | 3/3/2017 |
SENATE DOCKET, NO. 287 FILED ON: 1/13/2017
SENATE . . . . . . . . . . . . . . No. 1640
By Mr. Tarr, a petition (accompanied by bill, Senate, No. 1640) of Bruce E. Tarr and David F. DeCoste for legislation relative to corporate excise tax reform. Revenue. |
The Commonwealth of Massachusetts
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In the One Hundred and Ninetieth General Court
(2017-2018)
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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 is hereby amended by inserting after section 38FF the following section:-
Section 38GG. (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.