HOUSE DOCKET, NO. 5132        FILED ON: 6/12/2020

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Christine P. Barber

_________________

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 close corporate loopholes and create progressive revenue.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Christine P. Barber

34th Middlesex

6/12/2020

Maria Duaime Robinson

6th Middlesex

6/12/2020

Lindsay N. Sabadosa

1st Hampshire

6/12/2020

Dylan A. Fernandes

Barnstable, Dukes and Nantucket

6/12/2020

Steven Ultrino

33rd Middlesex

6/12/2020

Peter Capano

11th Essex

6/12/2020

Tricia Farley-Bouvier

3rd Berkshire

6/12/2020

Joanne M. Comerford

Hampshire, Franklin and Worcester

6/12/2020

David M. Rogers

24th Middlesex

6/12/2020

Tami L. Gouveia

14th Middlesex

6/12/2020

Natalie M. Higgins

4th Worcester

6/12/2020

John Barrett, III

1st Berkshire

6/14/2020

Mary S. Keefe

15th Worcester

6/15/2020

Jack Patrick Lewis

7th Middlesex

6/15/2020

Jason M. Lewis

Fifth Middlesex

6/15/2020

David Henry Argosky LeBoeuf

17th Worcester

6/15/2020

Kay Khan

11th Middlesex

6/15/2020

Denise Provost

27th Middlesex

6/15/2020

Carmine Lawrence Gentile

13th Middlesex

6/15/2020

James K. Hawkins

2nd Bristol

6/15/2020

Nika C. Elugardo

15th Suffolk

6/15/2020

Ruth B. Balser

12th Middlesex

6/15/2020

Carol A. Doherty

3rd Bristol

6/15/2020

Smitty Pignatelli

4th Berkshire

6/15/2020

Tram T. Nguyen

18th Essex

6/15/2020

Tommy Vitolo

15th Norfolk

6/16/2020

Bud L. Williams

11th Hampden

6/16/2020

Jay D. Livingstone

8th Suffolk

6/16/2020

Paul W. Mark

2nd Berkshire

6/16/2020

Mike Connolly

26th Middlesex

6/17/2020

Kevin G. Honan

17th Suffolk

6/17/2020

Natalie M. Blais

1st Franklin

6/17/2020

Mindy Domb

3rd Hampshire

6/17/2020

Aaron Vega

5th Hampden

6/17/2020

Michelle L. Ciccolo

15th Middlesex

6/17/2020

Linda Dean Campbell

15th Essex

6/17/2020

José F. Tosado

9th Hampden

6/17/2020

Lori A. Ehrlich

8th Essex

6/18/2020

Patricia D. Jehlen

Second Middlesex

6/18/2020

Daniel J. Ryan

2nd Suffolk

6/18/2020

Andres X. Vargas

3rd Essex

6/18/2020

Christina A. Minicucci

14th Essex

6/18/2020

Adrian C. Madaro

1st Suffolk

6/19/2020


HOUSE DOCKET, NO. 5132        FILED ON: 6/12/2020

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

By Ms. Barber of Somerville, a petition (subject to Joint Rule 12) of Christine P. Barber and others relative to further regulating the inclusion of federal gross income in the calculation of the taxation of corporations and to create progressive revenue.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-First General Court
(2019-2020)

_______________

 

An Act to close corporate loopholes and create progressive revenue.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION A.  Subsection (e) of Section 1 of Chapter 62 of the General Laws, as most recently amended by chapter 273 of the Acts of 2018, is hereby further amended by striking the second sentence and replacing it with the following: -- Amounts included in federal gross income pursuant to section 951 of the Code shall be treated as dividends under this chapter; provided that amounts included in federal gross income pursuant to section 951A of the Code shall not be treated as dividends.

SECTION B. Subsection (a) of Part B. of Section 3 of said Chapter 62 of the General Laws is hereby further amended by inserting at the end thereof the following: -- (20) An amount equal to fifty percent of amounts included in federal gross income pursuant to section 951A of the Code.

SECTION C. The definition of “Net income” in Section 1 of Chapter 63 of the General Laws, as most recently amended by chapter 273 of the Acts of 2018, is hereby further amended by striking the sixth sentence and replacing it with the following: -- For purposes of this definition, amounts included in federal gross income pursuant to section 951 of the Code shall be treated as dividends; provided that amounts included in federal gross income pursuant to section 951A of the Code shall not be treated as dividends.

SECTION D. The definition of “Net income” in Section 1 of Chapter 63 of the General Laws, as most recently amended by chapter 273 of the Acts of 2018, is hereby further amended by striking subsection (g) and replacing it with the following: -- (g) the deductions allowed by sections 245A, 250(a)(1)(A), and 965(c) of the Code.

SECTION E. Section 2A of said chapter 63, as so amended, is hereby further amended by striking subsection (h) and replacing it with the following: -- (h) For purposes of this section, dividends that are deemed to be received from an entity, including amounts included in federal gross income pursuant to section 951 of the Code, shall not be considered receipts, and amounts included in federal gross income pursuant to section 951A of the Code also shall not be considered receipts.

SECTION F. Paragraph 4 of Section 30 of said chapter 63, as so amended, is hereby further amended by striking the fourth sentence and replacing it with the following: -- For purposes of this section and subsection (a) of section 38, amounts included in federal gross income pursuant to section 951 of the Code shall be treated as dividends; provided that amounts included in federal gross income pursuant to section 951A of the Code shall not be treated as dividends.

SECTION G.  Said Paragraph 4 of Section 30 of said chapter 63, as so amended, is hereby further amended by striking clause (viii) and replacing it with the following: -- (viii) the deductions allowed by sections 245A, 250(a)(1)(A), and 965(c) of the Code.

SECTION H.  Section 38 of said chapter 63, as so amended, is hereby further amended by inserting, after the word “dividends” in the first sentence of the second paragraph of subsection (f) the following: -- , amounts included in federal gross income pursuant to section 951A of the Code,

SECTION I. The provisions of this act shall apply to all tax years beginning on or after January 1, 2020.