Bill > S1813

This bill proposes several changes to improve the fairness of Massachusetts' tax laws: 1. It adds a new section to the state's corporate excise tax law to require insurance companies that own 50% or more of a non-insurance business to pay tax on the income from that business. 2. It increases the excise tax rates on certain tobacco products, including cigars and smoking tobacco. 3. It increases the excise tax rate on smokeless tobacco. 4. It imposes an additional 5% tax on real estate transfers where the consideration is $1 million or more, with some exemptions. 5. It expands the definition of "doing business in the commonwealth" for the state's hotel/motel room occupancy tax to include more out-of-state operators and resellers. 6. It makes various other changes to the hotel/motel room occupancy tax to clarify the obligations of operators and room resellers. 7. It makes changes to the state's sales and use tax laws, including a new exemption for certain out-of-state business uses of tangible personal property. The bill aims to generate additional tax revenue and close loopholes to ensure more equitable taxation across different industries and transactions.

Budget and Finance

https://malegislature.gov/Bills/192/S1813