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Bill > H2826

MA H2826

MA H2826
To close corporate tax loopholes and create progressive revenue

summary

Introduced
03/29/2021
In Committee
04/04/2022
Crossed Over
Passed
Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

Relative to further regulating the inclusion of federal gross income in the calculation of the taxation of corporations and to create progressive revenue. Revenue.

AI Summary

This bill aims to close certain corporate tax loopholes and create more progressive revenue. Specifically, it proposes the following changes: 1. Amounts included in federal gross income under Section 951A of the Internal Revenue Code (IRC) will not be treated as dividends for state tax purposes, unlike amounts included under Section 951 of the IRC. 2. A 50% deduction is allowed for amounts included in federal gross income under Section 951A of the IRC. 3. Certain deductions allowed under Sections 245A, 250(a)(1)(A), and 965(c) of the IRC are disallowed for state tax purposes. 4. Amounts included under Section 951A of the IRC are not considered receipts for the purpose of certain state tax calculations. 5. These changes would apply to tax years beginning on or after January 1, 2021. The overall goal is to limit the ability of corporations to reduce their state tax liabilities through certain provisions in the federal tax code, thereby generating more progressive revenue for the state.

Committee Categories

Budget and Finance

Sponsors (65)

Christine Barber (D)*,  Ruth Balser (D),  Natalie Blais (D),  Michael Brady (D),  Tony Cabral (D),  Dan Cahill (D),  Pete Capano (D),  Michelle Ciccolo (D),  Mike Connolly (D),  Julian Cyr (D),  Michael Day (D),  Marcos Devers (D),  Carol Doherty (D),  Dan Donahue (D),  Michelle DuBois (D),  Pat Duffy (D),  Lori Ehrlich (D),  Jamie Eldridge (D),  Tricia Farley-Bouvier (D),  Paul Feeney (D),  Dylan Fernandes (D),  Brandy Fluker Fluker-Reid (D),  Sean Garballey (D),  Carmine Gentile (D),  Ken Gordon (D),  Tami Gouveia (D),  Jim Hawkins (D),  Chris Hendricks (D),  Natalie Higgins (D),  Kevin Honan (D),  Vanna Howard (D),  Pat Jehlen (D),  Mary Keefe (D),  Kay Khan (D),  Meghan Kilcoyne (D),  John Lawn (D),  David LeBoeuf (D),  Jack Lewis (D),  Jason Lewis (D),  Jay Livingstone (D),  Adrian Madaro (D),  Elizabeth Malia (D),  Paul Mark (D),  Christina Minicucci (D),  Liz Miranda (D),  Frank Moran (D),  Brian Murray (D),  Tram Nguyen (D),  Patrick O'Connor (R),  Jim O'Day (D),  Steve Owens (D),  Sarah Peake (D),  Ted Philips (D),  Orlando Ramos (D),  Becca Rausch (D),  Maria Robinson (D),  Dave Rogers (D),  Danny Ryan (D),  Lindsay Sabadosa (D),  Dan Sena (D),  Alan Silvia (D),  Tom Stanley (D),  Steve Ultrino (D),  Erika Uyterhoeven (D),  Tommy Vitolo (D), 

Last Action

Accompanied a study order, see H5279 (on 10/06/2022)
(3 Companion Bills)

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Document Type Source Location
State Bill Page https://malegislature.gov/Bills/192/H2826
Bill https://malegislature.gov/Bills/192/H2826.pdf
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