Bill > S1430

This bill extends the "single sales factor apportionment" method to all corporations, meaning that for tax purposes, a company's income will be taxed in a state based solely on where its sales occur, rather than a formula that also considers property and payroll. This change is applied to Section 2A and Section 38 of Chapter 63 of the General Laws, with specific provisions detailing how "receipts factor" and "sales factor" are calculated, particularly for services and intangible property, and how mutual fund sales are attributed to the state based on shareholder domicile. The bill also clarifies the definition of "security" for tax purposes and specifies that these changes are effective for tax years beginning on or after January 1, 2014.