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April 26, 2024 Clear | 46°F
The 193rd General Court of the Commonwealth of Massachusetts

Section 29C: Life insurance companies; credits against taxes imposed by Secs. 20 and 22

[Text applicable as provided by 1998, 259, Sec. 10.]

Section 29C. A life insurance company subject to the excise imposed by either sections 20 or 22 shall be allowed a credit against either such excise equal to 11/2 per cent of such company's total capital contribution in excess of their full proportionate share which shall mean an investment in the Massachusetts life insurance company community investment initiative equal to at least the product of the following:-

(1) $20,000,000;

(2) multiplied by a fraction, the numerator of which shall be the life insurance company's total net investment income tax due and payable under section 22B of chapter 63 for the tax year ending on or before December 31, 1997 and the denominator of which shall be the total net investment tax due and payable under said section 22B for all life insurance companies doing business in the commonwealth for the tax year ending on or before December 31, 1997. For a company that was not subject to said section 22B in the tax year ending on or before December 31, 1997, the numerator shall be the life insurance company's total net investment income tax due and payable under said section 22B for the taxable year two years prior to the current taxable year. The department of revenue shall determine each company's full proportionate share and shall provide such information to said company within 30 days of receipt of a request by said company, for the existence of such initiative, provided, however, in the taxable year beginning on or after the fifth year, the amount of said credit shall be equal to 1.5 per cent of such company's total capital contribution.