Bill > S1314

This bill aims to improve tax fairness by introducing several changes, including requiring insurance companies that own a significant stake (50% or more) in entities engaged in non-insurance businesses in Massachusetts to pay an additional tax on that business income, similar to how other corporations are taxed. It also increases the excise tax rates on certain cigars and smoking tobacco, and significantly raises the tax on smokeless tobacco. Furthermore, the bill imposes an additional tax on real estate sales of one million dollars or more, and clarifies and expands the definition of "doing business" in the Commonwealth for entities involved in short-term lodging, such as hotels and motels, including those that operate through "room resellers" (like online travel agencies). The bill also modifies sales and use tax provisions, including exemptions for certain business property intended for out-of-state use and clarifies the tax treatment of aircraft transfers, while also repealing a previous provision and directing revenue from aircraft sales tax to a small business program.