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 close the single sales factor tax loophole. Revenue.
AI Summary
This bill aims to close the "single sales factor tax loophole" by amending Section 38 of Chapter 63 of the General Laws. It does this by changing the formula used to apportion a corporation's taxable net income to Massachusetts, which currently relies heavily on the sales factor. The bill strikes out the existing subsection (c) and replaces it with a new formula that gives equal weight to the property, payroll, and sales factors. It also removes subsections (m) and (n) related to purchasing corporations and target corporations. The overall effect is to require corporations to take into account more than just their Massachusetts sales when calculating their Massachusetts tax liability.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H5247 (on 09/26/2022)
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/S1851 |
| Bill | https://malegislature.gov/Bills/192/S1851.pdf |
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