Amendment #168 to H4100
Quarterly Corporate Tax Payments
Representatives Jones of North Reading, Peterson of Grafton, Hill of Ipswich, Poirier of North Attleborough, deMacedo of Plymouth, Adams of Andover, Barrows of Mansfield, Bastien of Gardner, Beaton of Shrewsbury, Boldyga of Southwick, D'Emilia of Bridgewater, Diehl of Whitman, Durant of Spencer, Fattman of Sutton, Ferguson of Holden, Frost of Auburn, Gifford of Wareham, Harrington of Groton, Howitt of Seekonk, Humason of Westfield, Hunt of Sandwich, Kuros of Uxbridge, Levy of Marlborough, Lombardo of Billerica, Lyons of Andover, O'Connell of Taunton, Orrall of Lakeville, Ross of Attleboro, Smola of Palmer, Vieira of Falmouth, Webster of Pembroke, Winslow of Norfolk and Wong of Saugus move to amend the bill by inserting, after section XX, the following sections:—
“SECTION XX. Subsection (c) of section 3 of chapter 63B of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking said subsection and inserting in place thereof the following:—
(c) For purposes of this chapter, there shall be four required installments for each taxable year, except as otherwise provided by this chapter. The first installment shall be paid on or before the fifteenth day of the third month of the taxable year; the second installment shall be paid on or before the fifteenth day of the sixth month of the taxable year; the third installment shall be paid on or before the fifteenth day of the ninth month of the taxable year; and the fourth installment shall be paid on or before the fifteenth day of twelfth month of the taxable year. The amount of any installment shall be 25 per cent of the required annual payment.
The term “required annual payment” means the lesser of (i) 90 per cent of the tax shown on the return for the taxable year or, if no return is filed, 90 per cent of the tax for such year, or (ii) 100 per cent of the tax shown on the return of the corporation for the preceding taxable year, or (iii) 90 per cent of the tax for the taxable year or, if no return is filed, ninety percent of tax for such year determined by using the income apportionment percentage, if any, applicable for the preceding taxable year in computing its net income subject to tax under chapter 63.
Clause (ii) shall not apply if the preceding taxable year was not a taxable year of 12 months or the corporation did not file a return for such preceding taxable year showing a liability for tax.
Clause (ii) shall not apply in the case of a large corporation, as defined in section 6655 (g) of the Internal Revenue Code of the United States, as amended on January 1,1989 and in effect for the taxable year except for purposes of determining the amount of the first required installment for any taxable year; provided, however that any reduction in such first installment by reason of this provision shall be recaptured by increasing the amount of the next required installment by the amount of such reduction.
SECTION XX. Section 4A of chapter 63B of the General Laws, as so appearing, is hereby amended by striking the word “sixty-five” in line 4 and inserting in place thereof the following:-- 50
SECTION XX. Section 4A of chapter 63B of the General Laws, as so appearing, is hereby amended by striking the word “ten” in line 9 and inserting in place thereof the following:-- 25
SECTION XX. Section 4A of chapter 63B of the General Laws, as so appearing, is hereby amended by striking the word “ninety” in line 14 and inserting in place thereof the following:-- 25
SECTION XX. Section 4A of chapter 63B of the General Laws, as so appearing, is hereby amended by striking the word “ten” in line 16 and inserting in place thereof the following:-- 25
SECTION XX. Section 4B of chapter 63B of the General Laws, as so appearing, is hereby amended by striking the word “thirty” in line 7 and inserting in place thereof the following:-- 25.
SECTION XX. Section 4B of chapter 63B of the General Laws, as so appearing, is hereby amended by striking the word “twenty-five” in line 10 and inserting in place thereof the following:-- 25.
SECTION XX. Section 4B of chapter 63B of the General Laws, as so appearing, is hereby amended by striking the word “twenty-five” in line 13 and inserting in place thereof the following:-- 25.
SECTION XX. Section 4B of chapter 63B of the General Laws, as so appearing, is hereby amended by striking the word “twenty” in line 15 and inserting in place thereof the following:-- 25.”.