Mass. Gen. Laws ch. 63 – Taxation of Corporations | Midpage

Collections
Massachusetts General Laws

Chapter 63

Mass. Gen. Laws ch. 63

Taxation of Corporations

1Definitions 2Financial institutions; excise rate 2AFinancial institutions; determination of net income 2BS corporations; excise rate; determining factors of amount 7Effect of assessment on other levies 20Premiums subject to taxation; rate 21Additional tax on foreign companies 22Domestic companies other than life; premiums subject to taxation; rate 22ADomestic companies; annual total gross investment income earned tax 22BInvestment privilege excise; net investment income 22CCredit against investment privilege excise 22DGains, determination for investment privilege excise purposes; definitions 23Foreign companies; premiums subject to taxation; rate 24Deductions 24ARetaliatory taxes; applicability and reciprocal exemption; definition 26Examination of records 28Payment; time; basis for liability 29Liability for taxes 29AFire and marine companies; tax on underwriting profit; computation 29BTaxation of reciprocal or inter-insurance exchange agents 29CLife insurance companies; credits against taxes imposed by Secs. 20 and 22 29DProperty and casualty insurance companies; taxes on premiums; credits against taxes imposed by Secs. 22 and 23 29EDefinitions; property and casualty insurance companies; retaliatory taxes; credits against taxes imposed by Sec. 22 30Definitions; value of tangible property; net worth 31AInvestment credit for certain corporations; limitations 31CCredit for certain corporations; increase in number of full-time employees 31DDefinitions applicable to Secs. 31D to 31F 31ECredit for company shuttle van purchase or lease expenses 31FVanpool vehicle registration; fee 31HDefinitions; state low-income housing tax credit; eligibility; allocation; recapture 31ITransactions with related members; adding back of certain deductions 31JDeductible interest; interest paid to related member; taxpayer's burden to show disallowance of deduction unreasonable 31KDeductible interest; adjustments; applicability 31MLife sciences tax credit 31NDetermination of gross income; adjustment to federal gross income 32BCombined reporting; corporations subject to combination; apportionment of income; joint and several liability; regulations; affiliated group election 32CMaximum amount of credits; carryover 32DS corporations; net income measure 32EApplication and refund of credits earned under Sec. 38X; substantiation of claims; regulations 38Determination of net income derived from business carried on within commonwealth 38ATaxable net income 38BFinancial institutions and business corporations engaged exclusively in buying, selling, dealing in or holding securities; excise rate 38DDeduction of expenditures for industrial waste treatment or air pollution control facilities 38EEligible business facility; excise credit 38FDeduction from net income for compensation paid to individuals employed by eligible business facility domiciled in present or former eligible section of substantial poverty 38GReporting wholly-owned DISC income 38HAlternative energy sources; deduction 38IWages deemed compensation paid in commonwealth; deduction; election 38JQualified research contribution deduction 38LNatural Heritage and Endangered Species Fund; contributions 38MCredit against amount of excise due; research expenses 38NEconomic development incentive program; tax credit for certified projects 38OEconomic target areas; tax deduction for renovation of abandoned buildings 38QEnvironmental response actions; credit 38RMassachusetts historic rehabilitation tax credit 38SAutomatic sprinkler system; depreciation deduction 38UCredit for cost of qualifying property; life sciences 38VDeductions for qualifying clinical testing expenses; certified life sciences company 38WCredit for qualified research expenses; life sciences 38XCredit against taxes imposed on persons filming motion picture for employment of persons within commonwealth in connection with filming or production 38YUnrelated business taxable income for certain exempt corporations 38ZDairy farm tax credit program 38AACredit against taxes imposed for qualified donation of certified land to public or private conservation agency 38BBCredit against taxes imposed for a certified housing development project 38CCLife Sciences refundable jobs credit 38DDCredit against excise tax imposed under Secs. 2(b), 2B(b) or 39(b)38EECommunity investment tax credit 38GGHiring of qualified veterans; excise tax credit 38HHCredit for wages paid to qualified apprentice 38IICranberry production 38JJTax credits for qualified employees with disabilities 38KKTax credits for qualified employers hiring members of the national guard 38LLOffshore wind tax incentive program; refundable jobs credit 38MMRefundable credit for capital investment in an offshore wind facility; amount; eligibility; limitations; administration 38NNNonrefundable credits for trainings; eligibility; credit amount 38OOCredit against the tax liability; transfer of credit; carry forward of credit; disallowance of credit by commissioner; adoption of regulations 38PPMassachusetts homeownership tax credit; amount allowed; eligibility certificate; affordability period; transfer, sale or assignment of tax credit; fees; adoption and promulgation of rules and regulations 38QQCredit for taxpayers with an eligible theater production certificate; use; assignment, transfer or conveyance 38RRRefundable credit under climatetech tax incentive program; eligibility; use and refunds 38SSAmount of credit for research and development costs under climatetech tax incentive program 38TTRefundable jobs credit under climatetech tax incentive program 38UUCredit for wages paid to net-new qualified interns 39Tax rate 39ATax on business subsidiary corporation 42Alternative method of determining net income 42ATaxable net income 42BManufacturing and research and development corporations 52Unconstitutionality of excise tax law; effect; revival of former act 55Valuation 58Tax rate 59Assessment of additional taxes 67Assessment; rate; return; deductions 68Effect on other taxes 68AConflict between local and state valuations; remedy 68CExemption from excise under Sec. 39 for certain business corporations 69Inspection of records; examination of officers 79Penalty for failure to make return for corporate franchise tax 80Collection of penalties 81Local taxation, defined