Bill > S1925

This bill aims to close corporate tax loopholes and create progressive revenue. It amends several sections of the Massachusetts General Laws to change how certain types of income, specifically those related to Sections 951 and 951A of the Internal Revenue Code, are treated for state tax purposes. The key provisions include: 1) not treating income under Section 951A as dividends for state income tax and corporate excise tax purposes; 2) allowing a 50% deduction for Section 951A income for state income tax purposes; and 3) disallowing the use of certain federal deductions related to Sections 245A, 250(a)(1)(A), and 965(c) of the Internal Revenue Code for state corporate excise tax purposes. The changes would apply to all tax years beginning on or after January 1, 2023.

Budget and Finance

https://malegislature.gov/Bills/193/S1925