Budget Amendment ID: FY2015-S4-43

OTH 43

Corporate Excise Tax Reform

Messrs. Tarr, Hedlund, Ross and Humason moved that the proposed new text be amended moved that the bill be amended by inserting, after section__, the following new section:-

“SECTION __. Chapter 63 of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by inserting after section 38FF the following section:-

Section __.  (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.”