summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
Relative to the calculation of the corporate excise tax net worth of certain business corporations. Revenue.
AI Summary
This bill clarifies the calculation of the corporate excise tax net worth of certain business corporations. Specifically, it establishes that the taxpayer's treatment of an item on their books as reflecting debt or equity shall be controlling, unless the commissioner determines that such treatment is not in accordance with the accounting standards used by the taxpayer. It also allows the commissioner to disallow any reserve established with respect to an asset that is not reasonable and proper. Additionally, the bill exempts from the corporate excise tax certain items of income of corporations organized outside the United States that are exempt from U.S. federal income tax.
Committee Categories
Budget and Finance
Sponsors (9)
David DeCoste (R),
Paul Frost (R),
Susan Gifford (R),
Bradford Hill (R),
Steven Howitt (R),
Randy Hunt (R),
Brad Jones (R),
Elizabeth Poirier (R),
Todd Smola (R),
Last Action
Accompanied a study order, see H5040 (on 10/15/2020)
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/H2519 |
| Bill | https://malegislature.gov/Bills/191/H2519.pdf |
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