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 allow for certain tax deductions of business interest. Revenue.
AI Summary
This bill aims to allow for certain tax deductions of business interest. Specifically, it amends the Massachusetts General Laws to provide that the provisions of Section 163(j) of the Internal Revenue Code, which limit the deductibility of business interest, shall not apply for the purposes of determining the amount of business interest deductible under Massachusetts law. The bill also makes related changes to the definitions of "Code" in the relevant sections of the General Laws to ensure that the pre-2018 version of Section 163(j) is used for Massachusetts tax purposes. The bill is effective for taxable years beginning after December 31, 2017.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied H2967 (on 04/07/2022)
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/S1935 |
| Bill | https://malegislature.gov/Bills/192/S1935.pdf |
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