SENATE DOCKET, NO. 307        FILED ON: 1/13/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1647

 

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

 

David F. DeCoste

5th Plymouth

1/31/2017

Ryan C. Fattman

Worcester and Norfolk

2/2/2017

Richard J. Ross

Norfolk, Bristol and Middlesex

3/3/2017


SENATE DOCKET, NO. 307        FILED ON: 1/13/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1647

By Mr. Tarr, a petition (accompanied by bill, Senate, No. 1647) of Bruce E. Tarr, David F. DeCoste and Ryan C. Fattman for legislation to phase out the corporate excise tax on property of net worth.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

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

_______________

 

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 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, 2018 but before January 1, 2019;

$2.23 per 1,000 for taxable years beginning on or after January 1, 2019 but before January 1, 2020;

$1.86 per 1,000 for taxable years beginning on or after January 1, 2020 but before January 1, 2021;

$1.49 per 1,000 for taxable years beginning on or after January 1, 2021 but before January 1, 2022;

$1.11 per 1,000 for taxable years beginning on or after January 1, 2022 but before January 1, 2023;

$0.74 per 1,000 for taxable years beginning on or after January 1, 2023 but before January 1, 2024;

$0.37 per 1,000 for taxable years beginning on or after January 1, 2024 but before January 1, 2025; and

$0.00 per 1,000 for taxable years beginning on or after January 1, 2025 but before January 1, 2026, 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, 2018.