Bill > S1951

This bill amends the provisions related to the single sales factor for determining the portion of a financial institution's net income that is taxable in Massachusetts. Specifically, it strikes out existing subsections (b) and (c) of Section 2A of Chapter 63 and replaces them with new language that clarifies how a financial institution's receipts factor is calculated. It also strikes out subsections (e), (f), and (g) of Section 2A and inserts a new subsection (e) that provides an alternative method for determining a financial institution's net income derived from business activity within Massachusetts if the standard provisions are not reasonably adapted to approximate its actual net income. Finally, the bill amends Section 38 of Chapter 63 to update the sales factor calculation for businesses generally, including provisions for sourcing sales of services, intangible property, and certain other types of receipts.

Budget and Finance

https://malegislature.gov/Bills/193/S1951