Bill > H2599

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.

Budget and Finance

https://malegislature.gov/Bills/191/H2599