Bill > S1497

This bill aims to improve the fairness of our tax laws. The key provisions include: 1. Requiring insurance companies that own 50% or more of a non-insurance business in Massachusetts to pay the associated excise tax on that business's income. 2. Increasing the excise tax on certain cigars and smoking tobacco. 3. Increasing the excise tax on smokeless tobacco. 4. Imposing an additional real estate transfer tax on property sales over $1 million. 5. Expanding the definition of "doing business in the commonwealth" for the hotel/motel room occupancy tax to include more online and out-of-state operators and resellers. 6. Requiring room resellers, in addition to operators, to collect and remit the room occupancy tax. 7. Modifying the sales tax exemption for certain property purchased for out-of-state use. 8. Dedicating tax revenue from aircraft sales to support small business technical assistance. The bill provides effective dates for the various provisions, ranging from upon enactment to January 1, 2014 and July 1, 2017.

Budget and Finance

https://malegislature.gov/Bills/190/S1497