MA S1936

Bill

Relative to single sales factor

Introduced
03/29/2021

In Committee
03/29/2021

Crossed Over

Passed

Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

For legislation relative to single sales factor in the calculation of taxes for certain financial institutions. Revenue.

AI Summary

This bill proposes changes to the calculation of taxes for certain financial institutions in Massachusetts. Specifically, it allows financial institutions with income taxable both within and outside the state to elect to apportion their taxable net income based on a formula that increasingly emphasizes the receipts (or sales) factor over the property and payroll factors. By 2019, the receipts factor would account for 100% of the apportionment calculation. The bill also makes similar changes to the apportionment formula for other business corporations, allowing them to elect a receipts-focused approach starting in 2015. The changes in this bill would be effective for tax years beginning on or after January 1, 2018.

Committee Categories

Budget and Finance

Sponsors (1)

Mike Moore (D)*,

Last Action

Accompanied a study order, see H5248 (on 10/03/2022)

Official Document

https://malegislature.gov/Bills/192/S1936

(15 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/192/S1936
Bill	https://malegislature.gov/Bills/192/S1936.pdf

Bill	Bill Name	Last Action	Type
H1159	Enhancing the mission of credit unions and promoting fair competition among financial institutions	Accompanied a study order, see H4976	Similar To
H1219	To require financial institutions to pay late fees when it fails to conduct an electronic transfer	Accompanied a study order, see H4976	Similar To
H5248	Study Order	No further action taken	Replaced by
S1183	Regulating the use of credit reports by employers	Accompanied a new draft, see H4614	Similar To
S1802	Relative to providing better notices and protections in the process for collecting delinquent property taxes	Accompanied a study order, see H5247	Similar To
S1812	To close corporate tax loopholes and create progressive revenue	Accompanied a study order, see H5279	Similar To
S1813	Improving the fairness of our tax laws	Accompanied a study order, see H5247	Similar To
S1839	Relative to restoring corporate tax rates	Accompanied a study order, see H5279	Similar To
S1851	Closing the single sales factor tax loophole	Accompanied a study order, see H5247	Similar To
S1860	Relative to the small commercial tax exemption	Accompanied a study order, see H5250	Similar To
S1867	Relative to taxes due upon the death of active duty personnel and the elderly	Bill reported favorably by committee and referred to the committee on Senate Rules	Similar To
S1907	Relative to excessive executive compensation	Accompanied a study order, see H5250	Similar To
S1911	Relative to the Massachusetts estate tax code	Accompanied a new draft, see H4997	Similar To
S1975	Granting property tax relief to seniors	Accompanied a study order, see S2743	Similar To
S2312	Relative to motor vehicle excise taxes	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To

Bill

Bill Name

Last Action

Type

H1159

Enhancing the mission of credit unions and promoting fair competition among financial institutions

Accompanied a study order, see H4976

Similar To

H1219

To require financial institutions to pay late fees when it fails to conduct an electronic transfer

Accompanied a study order, see H4976

Similar To

H5248

Study Order

No further action taken

Replaced by

S1183

Regulating the use of credit reports by employers

Accompanied a new draft, see H4614

Similar To

S1802

Relative to providing better notices and protections in the process for collecting delinquent property taxes

Accompanied a study order, see H5247

Similar To

S1812

To close corporate tax loopholes and create progressive revenue

Accompanied a study order, see H5279

Similar To

S1813

Improving the fairness of our tax laws

Accompanied a study order, see H5247

Similar To

S1839

Relative to restoring corporate tax rates

Accompanied a study order, see H5279

Similar To

S1851

Closing the single sales factor tax loophole

Accompanied a study order, see H5247

Similar To

S1860

Relative to the small commercial tax exemption

Accompanied a study order, see H5250

Similar To

S1867

Relative to taxes due upon the death of active duty personnel and the elderly

Bill reported favorably by committee and referred to the committee on Senate Rules

Similar To

S1907

Relative to excessive executive compensation

Accompanied a study order, see H5250

Similar To

S1911

Relative to the Massachusetts estate tax code

Accompanied a new draft, see H4997

Similar To

S1975

Granting property tax relief to seniors

Accompanied a study order, see S2743

Similar To

S2312

Relative to motor vehicle excise taxes

Bill reported favorably by committee and referred to the committee on Senate Ways and Means

Similar To

Bill > S1936

MA S1936

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

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bill summary

bill summary

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