Bill > H2603

This bill aims to clarify the net-worth measure of the corporate excise tax in Massachusetts. It specifies that the taxpayer's treatment of an item on their books, such as whether it is considered debt or equity, shall be controlling, unless the commissioner establishes that the treatment is not in accordance with the accounting standards used by the taxpayer. The bill also allows the commissioner to disallow any unreasonable or improper reserves established with respect to an asset's book value. Additionally, the bill exempts from the corporate excise tax any income of a corporation organized outside the United States that is exempt from U.S. federal income tax due to a tax treaty or other provision.

Budget and Finance

https://malegislature.gov/Bills/191/H2603