Bill > H2480

This bill amends Chapter 63B of the General Laws, which pertains to corporate tax payments, by restructuring the required quarterly payments for corporations. Instead of varying percentages, corporations will now be required to make four equal installments, each representing 25% of their total estimated annual tax liability, with specific due dates throughout the taxable year. Additionally, the bill adjusts several percentage thresholds within Section 4A and 4B of Chapter 63B, generally lowering them to 25% in various contexts related to tax calculations and penalties, and also mandates a temporary transfer of up to $200,000,000 from the Commonwealth Stabilization Fund to the General Fund by June 30, 2016, with a provision for its repayment from collected corporate tax revenue by January 31, 2017, to manage the Commonwealth's cash flow during this transition.