Amendment #524 to H5150

Increasing the Corporate Tax Rate

Ms. Sabadosa of Northampton moves to amend the bill in

SECTION XX.  Section 2 of chapter 63 of the General Laws 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, 2020, 9.0 per cent; or (v) for each taxable year beginning on or after January 1, 2020 and thereafter, 10.5 percent; provided, however, that in no case shall the excise imposed under this section amount to less than $456.

SECTION XX. 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, 2020, 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, 2020 and thereafter, 9.5 per cent of its net income determined to be taxable in accordance with this chapter.

Additional co-sponsor(s) added to Amendment #524 to H5150

Increasing the Corporate Tax Rate