MA S1581

Bill

To clarify the net-worth measure of the corporate excise

Introduced
01/23/2017

In Committee
01/23/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

190th General Court

Bill Summary

For legislation to clarify the net-worth measure of the corporate excise. Revenue.

AI Summary

This bill clarifies the net-worth measure of the corporate excise tax in Massachusetts. It provides that the taxpayer's treatment of an item as reflecting debt or equity on their books will be considered controlling, unless the Commissioner of Revenue establishes that such treatment is not in accordance with the applicable accounting standards. The bill also allows the Commissioner to disallow any unreasonable or improper reserve with respect to the book value of an asset. Additionally, the bill exempts from the corporate excise tax any income of a corporation organized outside the United States that is exempt from U.S. federal income tax, either by virtue of a tax treaty or otherwise.

Committee Categories

Budget and Finance

Sponsors (1)

Mike Moore (D),

Last Action

Accompanied a new draft, see H3663 (on 05/04/2017)

Official Document

https://malegislature.gov/Bills/190/S1581

(13 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/190/S1581
Bill	https://malegislature.gov/Bills/190/S1581.pdf

Bill	Bill Name	Last Action	Type
H1490	Restoring the harbors and inland waters maintenance fund	Accompanied a study order, see H4244	Similar To
H1499	Relative to deeds excise receipts	Accompanied a new draft, see H4000	Similar To
H1607	Relative to excise tax exemptions	Accompanied a study order, see H4244	Similar To
H1611	Relative to the corporate excise tax	Accompanied a study order, see H4244	Similar To
H2726	Relative to motor vehicle excise taxes	No further action taken	Similar To
H3663	To clarify the net-worth measure of the corporate excise	No further action taken	Replaced by
H3702	Authorizing the town of Great Barrington to establish an additional excise on sales of gasoline and diesel fuel	Accompanied a new draft, see H3912	Similar To
H3707	Authorizing the town of Lee to establish an additional excise on sales of gasoline and diesel fuel	Accompanied a new draft, see H3912	Similar To
S103	To update the alcohol excise tax	Hearing scheduled for 10/03/2017 from 01:00 PM-04:00 PM in A-1	Similar To
S1556	To pro-rate the corporate excise tax	Accompanied a study order, see S2497	Similar To
S1605	Modernizing the corporate excise tax	Accompanied a study order, see S2497	Similar To
S1640	Relative to corporate excise tax reform	Accompanied a study order, see S2497	Similar To
S1647	To phase out the corporate excise tax on property of net worth	Accompanied a study order, see S2497	Similar To

Bill > S1581

MA S1581

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary