HOUSE DOCKET, NO. 1020        FILED ON: 2/1/2021

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2969

The Commonwealth of Massachusetts

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PRESENTED BY:

Mary S. Keefe

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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 restoring corporate tax rates.

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PETITION OF:

HOUSE DOCKET, NO. 1020        FILED ON: 2/1/2021

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2969

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Second General Court
(2021-2022)

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An Act relative to restoring corporate tax rates.

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 2 of chapter 63 of the General Laws, as appearing in the 2018 Official Edition, is hereby amended by striking subsection (b) and replacing it with the following: --

(b) Any corporation taxable under this section shall pay an excise measured by its net income determined to be taxable under section 2A at the following rates:-- (i) for each taxable year beginning on or after January 1, 1995, but before January 1, 2010, 10.5 per cent; (ii) for each taxable year beginning on or after January 1, 2010, but before January 1, 2011, 10.0 per cent; (iii) for each taxable year beginning on or after January 1, 2011, but before January 1, 2012, 9.5 per cent; (iv) for each taxable year beginning on or after January 1, 2012, but before January 1, 2021, 9.0 per cent; or (v) for each taxable year beginning on or after January 1, 2021 and thereafter, 10.5 percent; provided, however, that in no case shall the excise imposed under this section amount to less than $456.

SECTION 2. Paragraph (2) of subsection (a) of section 39 of Chapter 63 of the General Laws is hereby amended by striking subparagraph (i) and replacing it with the following: --

(i) For tax years beginning before January 1, 2010, 9.5 per cent of its net income determined to be taxable in accordance with this chapter; (ii) for tax years beginning on or after January 1, 2010, but before January 1, 2011, 8.75 per cent of its net income determined to be taxable in accordance with this chapter; (iii) for tax years beginning on or after January 1, 2011, but before January 1, 2012, 8.25 per cent of its net income determined to be taxable in accordance with this chapter; (iv) for tax years beginning on or after January 1, 2012 but before January 1, 2021, 8.0 per cent of its net income determined to be taxable in accordance with this chapter; or, (v) for tax years beginning on or after January 1, 2021 and thereafter, 9.5 per cent of its net income determined to be taxable in accordance with this chapter.