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
By Ms. Peisch of Wellesley, a petition of Alice Hanlon Peisch to extend net operating losses to banks and utilities for the purpose of taxation. Revenue.
AI Summary
This bill extends net operating losses to banks and utilities for the purpose of taxation. Specifically, it amends the definition of "Net income" in Chapter 63 of the General Laws to allow financial institutions to carry forward net operating losses sustained in any taxable year beginning on or after January 1, 2018 for up to 20 years, but not carry them back. The bill also specifies that the carry forward period for losses sustained in 2018-2019 and short-period taxable years in 2019-2020 will begin with the first taxable year starting on or after January 1, 2020.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H4244 (on 02/22/2018)
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/H2646 |
| Bill | https://malegislature.gov/Bills/190/H2646.pdf |
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