Bill > S1886

This bill clarifies the net-worth measure of the corporate excise tax in Massachusetts. It states that the taxpayer's treatment of an item on their books as reflecting debt or equity will be considered controlling, unless the Commissioner of Revenue establishes that the treatment is not in accordance with the accounting standards used for financial reporting. The bill also allows the Commissioner to disallow any unreasonable or improper reserves on the corporation's assets. Additionally, the bill specifies that certain income of corporations organized outside the United States that is exempt from federal income tax will be excluded from the corporation's income for purposes of the state corporate excise tax.

Budget and Finance

https://malegislature.gov/Bills/193/S1886