summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
For legislation to promote sustainable economic development throughout Massachusetts. Revenue.
AI Summary
This bill proposes changes to the taxation of financial institutions in Massachusetts. It amends the apportionment formula used to determine the portion of a financial institution's net income that is taxable in Massachusetts. The bill adjusts the weights given to the property, payroll, and receipts factors in the apportionment formula over multiple years, ultimately shifting towards a formula based solely on the receipts factor. The bill also includes provisions allowing the state commissioner to use alternative apportionment methods in certain cases. Additionally, the bill makes adjustments to the apportionment formula for other corporations with income from business activity both within and outside Massachusetts.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H5250 (on 10/03/2022)
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/192/S1857 |
| Bill | https://malegislature.gov/Bills/192/S1857.pdf |
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