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
For legislation to authorize the Commissioner of the Department of Revenue to disallow the asserted tax consequences of certain transactions. Revenue.
AI Summary
This bill authorizes the Commissioner of the Department of Revenue to disallow the asserted tax consequences of certain transactions. The bill requires the taxpayer to demonstrate by a preponderance of the evidence that the transaction changes the taxpayer's economic position in a meaningful way, apart from state income tax consequences, and that the taxpayer has a substantial non-state-tax purpose for entering into the transaction. The bill also clarifies that the Commissioner's authority to make tax adjustments is not limited or negated by this provision. The bill takes effect on January 1, 2017.
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/H2647 |
| Bill | https://malegislature.gov/Bills/190/H2647.pdf |
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