summary
Introduced
01/22/2019
01/22/2019
In Committee
03/04/2020
03/04/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
Relative to allowing for certain tax deductions of business interest. Revenue.
AI Summary
This bill proposes to decouple certain provisions of the federal Tax Cuts and Jobs Act that took effect for tax years beginning after December 31, 2017. Specifically, the bill aims to allow for the deduction of business interest by excluding the application of Section 163(j) of the Internal Revenue Code, which had previously limited the deductibility of business interest. The bill also makes technical adjustments to the definitions of "Code" in chapters 62 and 63 of the Massachusetts General Laws to align with these changes. The bill is intended to be effective for taxable years beginning after December 31, 2017, in order to preserve the public convenience.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Bill reported favorably by committee and referred to the committee on House Ways and Means (on 03/04/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H2606 |
| Bill | https://malegislature.gov/Bills/191/H2606.pdf |
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