Bill

Bill > H2599


MA H2599

Relative to the corporate excise tax


summary

Introduced
01/22/2019
In Committee
01/22/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

Relative to the corporate excise tax. Revenue.

AI Summary

This bill makes changes to the corporate excise tax in Massachusetts. The key provisions include: 1) Striking out the previous Section 39 of Chapter 63 of the General Laws and inserting a new section that outlines the excise tax on business corporations. This tax is due based on a corporation's authority/qualification to do business in Massachusetts, the exercising of its charter or legal authority in the state, or the owning/using of its capital, plant, or property in the state. 2) Establishing the income-based tax rate at 9.5% for tax years before 2010, then gradually decreasing it to 8% for tax years beginning in 2012 and after. 3) Providing an alternative $456 excise tax for business corporations engaged in the sale of tangible personal property who are exempt from the income-based tax under federal law. The overall purpose is to require business corporations to pay an excise tax to the Commonwealth of Massachusetts for the privileges and protections they enjoy by operating in the state.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Accompanied a study order, see H5040 (on 10/15/2020)

bill text


bill summary

Loading...

bill summary

Loading...

bill summary

Loading...