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 of certain business corporations. Revenue.
AI Summary
This bill clarifies the net-worth measure of the corporate excise. Specifically, it establishes that a corporation's treatment of an item on its books shall be controlling in determining whether it is debt or equity, unless the commissioner establishes that the treatment is not in accordance with the accounting standards used by the taxpayer for financial reporting. Additionally, the bill allows the commissioner to disallow any unreasonable or improper reserve with respect to the book value of an asset. The bill also amends the corporate excise law to exclude from a corporation's income any item that is exempt from federal income tax due to a treaty or other provision.
Committee Categories
Budget and Finance
Sponsors (9)
Jay Barrows (R),
Nick Boldyga (R),
Paul Frost (R),
Susan Gifford (R),
Sheila Harrington (R),
Steven Howitt (R),
Randy Hunt (R),
Brad Jones (R),
Todd Smola (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/H2608 |
| Bill | https://malegislature.gov/Bills/190/H2608.pdf |
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