Budget Amendment ID: FY2020-S3-303

EDU 303

Fully Fund School Transportation through Corporate Minimum Tax Reform

Ms. Comerford, Ms. Rausch, Messrs. Kennedy and Eldridge and Ms. Jehlen moved that the proposed new text be amended in section 2, in item 7035-0006, by striking out the figure “$73,856,506” and inserting in place thereof the following figure:- “$92,320,633”;    

and further moves that the proposed new text be amended in section 2, in item 7035-0007, by striking out the figure “$250,000” and inserting in place thereof the following figure:- “$3,318,567”;

and further moves that the proposed new text be amended in section 2, in item 7035-0008, by striking out the figure “$9,099,500” and inserting in place thereof the following figure:- “$27,284,362”;

and further moves that the proposed new text be amended by adding the following sections:-

“SECTION XX. Section 39 of chapter 63 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by striking out subsection (b) and inserting in place thereof the following:-

(b) A minimum tax as follows:

(1) If the total sales of the corporation in the commonwealth during the taxable year, as defined in subsection (f) of section 38, are less than $500,000, the minimum tax shall be $456.

(2) If the total sales of the corporation in the commonwealth during the taxable year, as defined in subsection (f) of section 38, are less than $1,000,000 but not less than $500,000, the minimum tax shall be $500.

(3) If the total sales of the corporation in the commonwealth during the taxable year, as defined in subsection (f) of section 38, are less than $5,000,000 but not less than $1,000,000, the minimum tax shall be $1,500.

(4) If the total sales of the corporation in the commonwealth during the taxable year, as defined in subsection (f) of section 38, are less than $25,000,000 but not less than $5,000,000, the minimum tax shall be $3,500.

(5) If the total sales of the corporation in the commonwealth during the taxable year, as defined in subsection (f) of section 38, are less than $50,000,000 but not less than $25,000,000, the minimum tax shall be $5,000.

(6) If the total sales of the corporation in the commonwealth during the taxable year, as defined in subsection (f) of section 38, are less than $100,000,000 but not less than $50,000,000, the minimum tax shall be $10,000.

(7) If the total sales of the corporation in the commonwealth during the taxable year, as defined in subsection (f) of section 38, are less than $250,000,000 but not less than $100,000,000, the minimum tax shall be $20,000.

(8) If the total sales of the corporation in the commonwealth during the taxable year, as defined in subsection (f) of section 38, are less than $500,000,000 but not less than $250,000,000, the minimum tax shall be $50,000.

(9) If the total sales of the corporation in the commonwealth during the taxable year, as defined in subsection (f) of section 38, are less than $1,000,000,000 but not less than $500,000,000, the minimum tax shall be $100,000.

(10) If the total sales of the corporation in the commonwealth during the taxable year, as defined in subsection (f) of section 38, are not less than $1,000,000,000, the minimum tax shall be $200,000.

SECTION XX. The provisions of subsection (b) of section 39 of chapter 63 of the general laws as amended by section XX shall apply to all taxable years commencing on or after January 1, 2020.”