MA S1591

Bill

MA S1591

To phase out the corporate excise tax on property of net worth

Introduced
04/15/2015

In Committee
04/15/2015

Crossed Over

Passed

Dead
07/31/2016

Introduced Session

189th General Court

Bill Summary

For legislation to phase out the corporate excise tax on property of net worth. Revenue.

AI Summary

This bill proposes to gradually eliminate the corporate excise tax, which is a tax levied on businesses based on their net worth or tangible property. The bill outlines a phased reduction of this tax rate, starting with a rate of $2.60 per $1,000 for taxable years beginning in 2016 and decreasing incrementally each year until it reaches $0.00 per $1,000 for taxable years beginning on or after January 1, 2023. This change, which is effective for tax years beginning on or after January 1, 2015, aims to reduce the tax burden on corporations over a period of several years.

Committee Categories

Budget and Finance

Sponsors (3)

Bruce Tarr (R)*, Viriato deMacedo (R), Donald Humason (R),

Last Action

Accompanied a study order, see S2290 (on 05/12/2016)

Official Document

https://malegislature.gov/Bills/189/Senate/S1591

(8 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/189/Senate/S1591
State Bill Page	https://malegislature.gov/Bills/189/S1591
Bill	https://malegislature.gov/Bills/189/S1591.pdf

Bill	Bill Name	Last Action	Type
H2622	To establish tax transparency and strengthen the reporting requirements of public charities and to establish reporting requirements for the trustees and directors of public charities	Accompanied a study order, see H4639	Similar To
S1437	Providing additional benefits to survivors of certain public safety employees	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S1530	Improving the tax administrative laws of the Commonwealth	Accompanied a study order, see S2290	Similar To
S1543	Modernizing the corporate excise tax	Accompanied a study order, see S2290	Similar To
S1546	To clarify the net-worth measure of the corporate excise	Accompanied a new draft, see H3639	Similar To
S1584	Extending single sales factor apportionment to all retail and wholesale corporations	Accompanied a study order, see S2290	Similar To
S2290	Revenue matters	Reported in part by S1494	Replaced by
S750	Relative to certain proceedings relating to corporations	Accompanied a study order, see S2204	Similar To

Bill > S1591

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (3)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary