Bill > S1510

This bill proposes to amend Section 39 of Chapter 63 of the Massachusetts General Laws to allow for a pro-rated corporate excise tax for new businesses. Specifically, it states that business entities that incorporate during the last three months of a tax year, as determined by the Secretary of State, will be required to pay a fee that is one-fourth of the amount normally owed by a newly formed corporation under subsections (a) or (b) of that section. This change aims to provide a fairer tax structure for businesses that begin operations in the final quarter of the fiscal year.