Bill > S1592

This bill proposes changes to Massachusetts' corporate excise tax, which is a tax levied on corporations doing business in the state. Specifically, it introduces a new section to Chapter 63 of the General Laws that would allow eligible corporations to receive a non-transferable credit against their excise tax. This credit, which cannot be sold or given to another entity, would be available for the first three years a corporation is required to file a tax return in Massachusetts. However, corporations where 50% or more of their voting stock is owned by another corporation, regardless of whether that parent company is taxed in Massachusetts, would not qualify for this credit. The credit can be applied against excise taxes imposed under specific sections of the law related to corporate income and business taxes.