summary
Introduced
01/23/2017
01/23/2017
In Committee
01/23/2017
01/23/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
Relative to the calculation of net worth in determining corporate excise taxes. Revenue.
AI Summary
This bill seeks to clarify the calculation of net worth for the purposes of determining corporate excise taxes. Specifically, it states that the taxpayer's treatment of an item on their books (e.g., accounting for debt versus equity) shall be considered controlling, unless the Commissioner of Revenue can establish that such treatment is not in accordance with the accounting standards used by the taxpayer. Additionally, the bill allows the Commissioner to disallow any reserve that is deemed unreasonable or improper when determining the book value of an asset. The bill also excludes from a corporation's income any items that are exempt from US federal income tax, either by virtue of a tax treaty or otherwise.
Committee Categories
Budget and Finance
Sponsors (12)
Jay Barrows (R),
David DeCoste (R),
Shawn Dooley (R),
Kim Ferguson (R),
Susan Gifford (R),
Sheila Harrington (R),
Steven Howitt (R),
Randy Hunt (R),
Jay Kaufman (D),
Leonard Mirra (R),
Matt Muratore (R),
Timothy Whelan (R),
Last Action
Accompanied a new draft, see H3663 (on 05/04/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/190/H1541 |
| Bill | https://malegislature.gov/Bills/190/H1541.pdf |
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