Chapter 63

Section 1 Definitions
Section 2 Financial institutions; excise rate
Section 2A Financial institutions; determination of net income
Section 2B S corporations; excise rate; determining factors of amount
Section 3, 4 Repealed, 1976, 415, Sec. 102
Section 5, 6 Repealed, 1934, 323, Sec. 1
Section 7 Effect of assessment on other levies
Section 8 to 10B Repealed, 1925, 343, Sec. 1
Section 11 Repealed, 1984, 485, Sec. 3
Section 12 Repealed, 1966, 14, Sec. 12
Section 13 Repealed, 1976, 415, Sec. 102
Section 14 Repealed, 1931, 426, Sec. 6
Section 15 Repealed, 1984, 485, Sec. 4
Section 16 Repealed, 1984, 485, Sec. 5
Section 17 Repealed, 1984, 485, Sec. 6
Section 18 Repealed, 1990, 499, Sec. 11
Section 18A Repealed, 1976, 415, Sec. 102
Section 19 Repealed, 1966, 14, Sec. 15
Section 20 Premiums subject to taxation; rate
Section 21 Additional tax on foreign companies
Section 22 Domestic companies other than life; premiums subject to taxation; rate
Section 22A Domestic companies; annual total gross investment income earned tax
Section 22B Investment privilege excise; net investment income
Section 22C Credit against investment privilege excise
Section 22D Gains, determination for investment privilege excise purposes; definitions
Section 23 Foreign companies; premiums subject to taxation; rate
Section 24 Deductions
Section 24A Retaliatory taxes; applicability and reciprocal exemption; definition
Section 25 Repealed, 1976, 415, Sec. 102
Section 26 Examination of records
Section 27 Repealed, 1976, 415, Sec. 102
Section 28 Payment; time; basis for liability
Section 29 Liability for taxes
Section 29A Fire and marine companies; tax on underwriting profit; computation
Section 29B Taxation of reciprocal or inter-insurance exchange agents
Section 29C Life insurance companies; credits against taxes imposed by Secs. 20 and 22
Section 29D Property and casualty insurance companies; taxes on premiums; credits against taxes imposed by Secs. 22 and 23
Section 29E Definitions; property and casualty insurance companies; retaliatory taxes; credits against taxes imposed by Sec. 22
Section 30 Definitions; value of tangible property; net worth
Section 30A Repealed, 1966, 698, Sec. 52
Section 31 Repealed, 1962, 756, Sec. 4
Section 31A Investment credit for certain corporations; limitations
Section 31B Repealed, 2008, 173, Sec. 44
Section 31C Credit for certain corporations; increase in number of full-time employees
Section 31D Definitions applicable to Secs. 31D to 31F
Section 31E Credit for company shuttle van purchase or lease expenses
Section 31F Vanpool vehicle registration; fee
Section 31G Expired. See 1988, 236, Sec. 43
Section 31H Definitions; state low-income housing tax credit; eligibility; allocation; recapture
Section 31I Transactions with related members; adding back of certain deductions
Section 31J Deductible interest; interest paid to related member; taxpayer's burden to show disallowance of deduction unreasonable
Section 31K Deductible interest; adjustments; applicability
Section 31L Repealed, 2021, 68, Sec. 4
Section 31M Life sciences tax credit
Section 31N Determination of gross income; adjustment to federal gross income
Section 32 Repealed, 2008, 173, Sec. 47
Section 32A Repealed, 1960, 548, Sec. 5
Section 32B Combined reporting; corporations subject to combination; apportionment of income; joint and several liability; regulations; affiliated group election
Section 32C Maximum amount of credits; carryover
Section 32D S corporations; net income measure
Section 32E Application and refund of credits earned under Sec. 38X; substantiation of claims; regulations
Section 33 Repealed, 2008, 173, Sec. 55
Section 34 Repealed, 1960, 548, Sec. 6
Section 34A Repealed, 1924, 26, Sec. 1
Section 35, 36 Repealed, 1976, 415, Sec. 102
Section 37 Repealed, 1966, 698, Sec. 57
Section 38 Determination of net income derived from business carried on within commonwealth
Section 38A Taxable net income
Section 38B Financial institutions and business corporations engaged exclusively in buying, selling, dealing in or holding securities; excise rate
Section 38C Repealed, 2008, 173, Sec. 66
Section 38E Eligible business facility; excise credit
Section 38F Deduction from net income for compensation paid to individuals employed by eligible business facility domiciled in present or former eligible section of substantial poverty
Section 38G Reporting wholly-owned DISC income
Section 38H Alternative energy sources; deduction
Section 38I Wages deemed compensation paid in commonwealth; deduction; election
Section 38J Qualified research contribution deduction
Section 38K Repealed, 1985, 188, Sec. 10A
Section 38L Natural Heritage and Endangered Species Fund; contributions
Section 38M Credit against amount of excise due; research expenses
Section 38N Economic development incentive program; tax credit for certified projects
Section 38O Economic target areas; tax deduction for renovation of abandoned buildings
Section 38P Repealed, 2021, 68, Sec. 5
Section 38Q Environmental response actions; credit
Section 38R Massachusetts historic rehabilitation tax credit
Section 38S Automatic sprinkler system; depreciation deduction
Section 38T Repealed, 2008, 173, Secs. 82 and 83
Section 38U Credit for cost of qualifying property; life sciences
Section 38V Deductions for qualifying clinical testing expenses; certified life sciences company
Section 38W Credit for qualified research expenses; life sciences
Section 38X Credit against taxes imposed on persons filming motion picture for employment of persons within commonwealth in connection with filming or production
Section 38Y Unrelated business taxable income for certain exempt corporations
Section 38Z Dairy farm tax credit program
Section 38AA Credit against taxes imposed for qualified donation of certified land to public or private conservation agency
Section 38BB Credit against taxes imposed for a certified housing development project
Section 38CC Life Sciences refundable jobs credit
Section 38DD Credit against excise tax imposed under Secs. 2(b), 2B(b) or 39(b)
Section 38EE Community investment tax credit
Section 38FF Repealed, 2012, 224, Sec. 56A
Section 38GG Hiring of qualified veterans; excise tax credit
Section 38HH Credit for wages paid to qualified apprentice
Section 38II Cranberry production
Section 38JJ Tax credits for qualified employees with disabilities
Section 38KK Tax credits for qualified employers hiring members of the national guard
Section 38LL Refundable credit for capital investment in an offshore wind facility; amount; eligibility; limitations; administration
Section 38MM Refundable credit for capital investment in an offshore wind facility; amount; eligibility; limitations; administration
Section 38NN Nonrefundable credits for trainings; eligibility; credit amount
Section 38OO Credit against the tax liability; transfer of credit; carry forward of credit; disallowance of credit by commissioner; adoption of regulations
Section 38PP Massachusetts homeownership tax credit; amount allowed; eligibility certificate; affordability period; transfer, sale or assignment of tax credit; fees; adoption and promulgation of rules and regulations
Section 38QQ Credit for taxpayers with an eligible theater production certificate; use; assignment, transfer or conveyance
Section 38RR Refundable credit under climatetech tax incentive program; eligibility; use and refunds
Section 38SS Amount of credit for research and development costs under climatetech tax incentive program
Section 38TT Refundable jobs credit under climatetech tax incentive program
Section 38UU Credit for wages paid to net-new qualified interns
Section 39 Tax rate
Section 39A Tax on business subsidiary corporation
Section 39B Repealed, 1924, 26, Sec. 1
Section 39C Repealed, 1960, 548, Sec. 8
Section 40 Repealed, 1976, 415, Sec. 102
Section 41 Repealed, 1966, 698, Sec. 63
Section 42 Alternative method of determining net income
Section 42A Taxable net income
Section 42B Manufacturing and research and development corporations
Section 42C Repealed, 1966, 698, Sec. 66
Section 43 Repealed, 1945, 735, Sec. 3
Section 44 to 46 Repealed, 1976, 415, Sec. 102
Section 47 Repealed, 1953, 654, Sec. 60
Section 48 to 51 Repealed, 1976, 415, Sec. 102
Section 52 Unconstitutionality of excise tax law; effect; revival of former act
Section 52A Repealed, 2013, 46, Sec. 39
Section 53 Repealed, 1976, 415, Sec. 102
Section 54 Repealed, 1951, 641, Sec. 2
Section 55 Valuation
Section 56 Repealed, 1925, 343, Sec. 4
Section 56A Repealed, 1966, 698, Sec. 69
Section 57 Repealed, 1928, 13, Sec. 2
Section 58 Tax rate
Section 58A Repealed, 1925, 343, Sec. 6
Section 59 Assessment of additional taxes
Section 60 Repealed, 1976, 415, Sec. 102
Section 61 to 66 Repealed, 1928, 138
Section 67 Assessment; rate; return; deductions
Section 68 Effect on other taxes
Section 68A Conflict between local and state valuations; remedy
Section 68B Repealed, 1976, 415, Sec. 102
Section 68C Exemption from excise under Sec. 39 for certain business corporations
Section 69 Inspection of records; examination of officers
Section 70 to 76A Repealed, 1976, 415, Sec. 102
Section 77, 78 Repealed, 1930, 416, Sec. 2
Section 79 Penalty for failure to make return for corporate franchise tax
Section 80 Collection of penalties
Section 81 Local taxation, defined

Chapter 63

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Chapter 63: TAXATION OF CORPORATIONS