Mass. Gen. Laws ch. 62 – Taxation of Incomes | Midpage

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Massachusetts General Laws

Chapter 62

Mass. Gen. Laws ch. 62

Taxation of Incomes

1Definitions 2Gross income, adjusted gross income and taxable income defined; classes 3Taxable income: adjusted gross income less deductions and exemptions 4Rates of tax for residents, non-residents and corporate trusts 5Exempt income of individuals; exemption of stock bonus, pension or profit-sharing trust 5ATaxation of income earned by non-residents; regulations; certain military personnel 5CTaxation of unincorporated homeowners' association 6Credits 6CMassachusetts State Election Campaign Fund; voluntary contributions 6DNatural Heritage and Endangered Species Fund; contributions 6EOrgan Transplant Fund; voluntary contributions 6FGross income; determination of capital gains; basis of property 6GMassachusetts State Public Health HIV and Hepatitis fund; voluntary contributions; use of contributions 6HMassachusetts United States Olympic Fund; voluntary contributions 6ILow-income housing tax credit 6JMassachusetts historic rehabilitation tax credit 6KRefunds and contributions credited to Massachusetts Military Family Relief Fund 6LApplication and refund of certain credits under Sec. 6; substantiation of claims; regulations 6MContribution of refund to Homeless Animal Prevention and Care Fund; annual report 6OMassachusetts homeownership tax credit; application; amount awarded; completion of qualified homeownership development project; sponsor; transfer, sale or assignment of tax credit; duties of director; adoption and promulgation of rules and regulations 9Estates of deceased persons 10Income from trust estates; deductions 10AQualified funeral trusts 11Income received from nonresident trustee 11AIncome from pooled income funds and charitable remainder annuity trusts or unitrusts; deduction and withholding 11BPooled income funds and charitable remainder annuity trusts or unitrusts; returns, declarations of estimated tax and payments; liability 13Application of sections to all fiduciaries 14Applicability to corporate trustees 15Duties of corporate trustees 16Agreement as to total tax due from trustees 17Partners subject to tax; distributive shares; partners' separate returns; determination of income; common trust funds 17ATaxation of shareholders of S corporations 25Individuals, fiduciaries and estates subject to tax 42Liability of fiduciaries 54Severability 62Methods of accounting; fiscal years 63Installment transactions 64Optional tax table