reglab/housing_qa huggingface dataset:
MA Gen L ch 63 § 31k (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 31k - Deductible Interest; Adjustments; Applicability

Section 31K. The adjustments required in subsection (b) of section 31I as they relate to royalty expenses and costs and related interest expenses and costs, and in subsection (a) of section 31J as they relate to interest expenses and costs, shall not apply if the taxpayer establishes by clear and convincing evidence, as determined by the commissioner and consistent with section 3A of chapter 62C that:  (1) the royalty expenses and costs and related interest expenses and costs under section 31I, or interest expenses and costs under section 31J, were directly or indirectly paid or incurred to a related member, as defined in section 31I, that is not a controlled foreign corporation within the meaning of section 957 of the Internal Revenue Code, as amended and in effect for the taxable year; and  (2) all of the following requirements are complied with:  (i) the related member is a resident of a nation which has in force a comprehensive income tax treaty with the United States;  (ii) the amounts are deductible under federal income tax law;  (iii) the transaction giving rise to the royalty expenses and costs and related interest expenses and costs under section 31I, or interest expenses and costs under section 31J, have a valid business purpose other than the avoidance of tax that would otherwise be due; and  (iv) all terms and conditions of the transaction would have been agreed to in an arm's length negotiation between independent parties.
MA Gen L ch 63 § 31n (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 31n - Determination of Gross Income; Adjustment to Federal Gross Income

Section 31N. In determining gross income under this chapter, if the federal gross income includes any item of gain or has been reduced by any item of loss, with respect to property, then the federal gross income shall be increased by the excess of the federal adjusted basis of the property over the Massachusetts adjusted basis of the property, and shall be decreased by the excess of the Massachusetts adjusted basis of the property over the federal adjusted basis of the property, so that the gain or loss realized for Massachusetts purposes takes into account all applicable differences in the Massachusetts and federal tax rules over the life of an asset that should, in principle, give rise to differences in basis. The Massachusetts adjusted basis of property shall be the federal adjusted basis, except that: (i) any federal adjustment resulting from provisions of the Code that were not applicable in determining Massachusetts net or gross income at the time the federal adjustments were made shall be disregarded; and (ii) adjustments shall be made for any item that was applicable in determining Massachusetts net or gross income but that was not so applicable in determining federal net or gross income and for which a federal adjustment would be allowed under the Code if the item had been applicable in determining federal net or gross income. Without limitation of the foregoing, the federal basis of shares in a business corporation that was formerly treated as a corporate trust or of shares in a successor of that entity shall be reduced in computing Massachusetts adjusted basis to take into account any tax-free earnings and profits accumulated by the former corporate trust.
MA Gen L ch 63 § 32c (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 32c - Maximum Amount of Credits; Carryover

Section 32C. Notwithstanding the provisions of sections thirty-one A and thirty-eight E and section eleven of chapter seven hundred and fifty-two of the acts of nineteen hundred and seventy-three, the maximum amount of credits, otherwise allowable in any one taxable year to a corporation, shall not exceed fifty per cent of its excise imposed by section thirty-nine. Any corporation may carry over and apply to its excise for any subsequent taxable year the portion of those credits, as reduced from year to year, which were not allowed by this section.
MA Gen L ch 63 § 32e (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 32e - Application and Refund of Credits Earned Under Sec. 38x; Substantiation of Claims; Regulations

Section 32E. (a) This section shall apply to credits earned under section 38X.  (b) At the written election of a taxpayer entitled to a credit under section 38X, the commissioner shall apply the credit against the liability of the taxpayer as determined on its return, as first reduced by any other available credits, and shall then refund to the taxpayer 90 per cent of the balance of the credits.  (c) The commissioner may require substantiation of a taxpayer's claim for a refund under subsection (b) before payment of the refund. No interest shall accrue on a refund under section 40 of chapter 62C before the commissioner's receipt of the substantiation request.  (d) The commissioner shall promulgate regulations or other guidelines as he deems necessary to implement this section. The commissioner shall submit any proposed regulations to the joint committee on revenue and the house and senate committees on ways and means before their adoption by the department. The regulations shall be accompanied by a summary which clearly instructs the taxpayer of his rights under this section.
MA Gen L ch 63 § 38a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38a - Taxable Net Income

Section 38A. The taxable net income of a business corporation allocated or apportioned to this commonwealth under the provisions of section thirty-eight shall be its net income subject to tax under this chapter.
MA Gen L ch 63 § 38e (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38e - Eligible Business Facility; Excise Credit

Section 38E. (a) A business corporation operating an eligible business facility, as defined in section eleven of chapter twenty-three B, may take a credit against the excise imposed upon it under this chapter in an amount as hereinafter provided.  (b) If the real estate comprising such eligible business facility is owned or leased by the corporation, the amount of the credit shall be an amount equal to the equalized tax rate differential during the taxable year multiplied by the assessed valuation of such real estate during the taxable year and divided by one thousand dollars.  (c) If the eligible business facility is located only upon a portion of the real estate owned or leased by the corporation, the amount of the credit shall be an amount equal to the equalized tax rate differential multiplied by the assessed valuation during the taxable year of such portion of the real estate and divided by one thousand dollars. The assessed valuation of such portion of the real estate upon which said facility is located shall be determined by a reasonable apportionment of the assessed valuation of the entire real estate.  (d) As used in this section the phrase ''equalized tax rate differential'' shall mean the amount by which the equalized tax rate of a city or town exceeds the average equalized tax rate of the commonwealth in any calendar year. The equalized tax rate of a city or town for any calendar year shall be the rate of taxation per one thousand dollars of valuation that would be levied upon its property subject to local taxation for said year if such property were assessed at its equalized valuation as last determined by the commissioner of revenue under section ten C of chapter fifty-eight. The average equalized tax rate of the commonwealth for any calendar year shall be the average rate of taxation per one thousand dollars of valuation that would be levied in the commonwealth upon all property subject to local taxation for said year if such property were assessed at its equalized valuation as last determined by the commissioner of revenue under said section ten C of said chapter fifty-eight.
MA Gen L ch 63 § 38f (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38f - Deduction From Net Income for Compensation Paid to Individuals Employed by Eligible Business Facility Domiciled in Present or Former Eligible Section of Substantial Poverty

Section 38F. In determining the net income subject to tax under this chapter, a business corporation may deduct, in addition to any other allowable deduction under this chapter, an amount equal to twenty-five per cent of the compensation paid during the taxable year to individuals employed in an eligible business facility, as defined in section eleven of chapter twenty-three B, and either:  (i) domiciled in an eligible section of substantial poverty as defined in section eleven of chapter twenty-three B; or  (ii) domiciled in an area which had been certified as such an eligible section of substantial poverty when the corporation first received a certificate of eligibility; provided, however, such individuals still live in the same city or town;  and provided further such corporation has a certificate of eligibility with respect to such facility for the taxable year issued by the urban jobs incentive bureau of the Massachusetts office of business development. No deduction under this section shall exceed five thousand dollars for any qualifying individual.
MA Gen L ch 63 § 38g (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38g - Reporting Wholly-Owned Disc Income

Section 38G. A business corporation subject to tax under this chapter shall for the purposes of determining its excise under the provisions of this chapter include in the report of its income all the income of any wholly-owned DISC, whether such DISC is organized under the laws of the commonwealth or the laws of any other state, for the taxable year of such wholly-owned DISC which ends immediately after the taxable year of such corporation and shall include in its assets and liabilities all of the assets and liabilities of any such wholly-owned DISC as of the end of the taxable year of such wholly-owned DISC which ends immediately after the taxable year of such corporation.  Every business corporation subject to tax under this chapter which has such a wholly-owned DISC shall include in its return: (1) a copy of the federal income tax return filed by such DISC for the taxable year which ends immediately after the taxable year of such corporation and (2) a statement that the income, assets and liabilities reported by such corporation for the taxable year and upon which its excise under this chapter has been determined includes the income, assets and liabilities of such DISC for the taxable year of the DISC which ends immediately after the taxable year of such corporation.
MA Gen L ch 63 § 38i (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38i - Wages Deemed Compensation Paid in Commonwealth; Deduction; Election

Section 38I. In determining the net income subject to tax under this chapter for the taxable year, a business corporation may deduct in addition to any other allowable deduction under this chapter, a deduction equal to the credit allowed under section fifty-one of the Federal Internal Revenue Code as amended and in effect for the taxable year, with respect to wages deemed to be compensation paid in the commonwealth within the meaning of subsection (e) of section thirty-eight of this chapter; provided, however, that with regard to compensation qualifying for this deduction and the deduction under section thirty-eight F of this chapter, the corporation may elect either of two deductions but not both. Any such election must be made annually on the return filed and shall be irrevocable.
MA Gen L ch 63 § 38j (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38j - Qualified Research Contribution Deduction

Section 38J. In determining the net income subject to tax under this chapter, a business corporation may deduct, in addition to any other allowable deduction under this chapter, an amount equal to twenty-five per cent of the allowable deduction for any qualified research contribution, as defined in section one hundred and seventy (e)(4) of the Federal Internal Revenue Code as amended and in effect for the taxable year, to an educational organization, as therein defined, located in the commonwealth.
MA Gen L ch 63 § 38l (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38l - Natural Heritage and Endangered Species Fund; Contributions

Section 38L. Every corporation that files a return may voluntarily contribute all or part of any refund to which it is entitled or may voluntarily add an amount onto any amount due to be credited to the Natural Heritage and Endangered Species Fund. At the beginning of each fiscal year, one dollar shall be credited from the General Fund to the Natural Heritage and Endangered Species Fund for each dollar contributed by corporations to the Natural Heritage and Endangered Species Fund in the prior fiscal year under the provisions of this section. The commissioner of the department of revenue shall certify to the state comptroller total revenues contributed by the corporations in the prior fiscal year.  A contribution made under this section may be made with respect to any taxable year at the time of filing the return of the tax imposed by this chapter for such taxable year; provided, however, that the commissioner shall prescribe the manner in which such contribution shall be made on the face of the return required by section five of chapter sixty-two C.  The commissioner shall annually report the total amount designated under this section to the state treasurer who shall credit such amount, plus accrued interest, to the Natural Heritage and Endangered Species Fund.
MA Gen L ch 63 § 38o (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38o - Economic Target Areas; Tax Deduction for Renovation of Abandoned Buildings

[Text of section effective for tax years beginning after January 1, 2019. See 2018, 228, Sec. 72.]  Section 38O. A corporation whose excise under this chapter is based on net income may, in determining such net income, deduct an amount equal to 10 per cent of the cost of renovating an abandoned building that is part of a certified project designated under section 3A of chapter 23A.
MA Gen L ch 63 § 38p (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38p - Harbor Maintenance Taxes; Credit

[ Text of section effective until September 30, 2021 for tax years beginning on or after January 1, 2022. See 2021, 68, Sec. 6. Repealed by 2021, 68, Sec. 5.]  Section 38P. (a) As used in this section, the following terms shall have the following meanings:  "Break-bulk cargo'', shall mean general goods, commodities or wares which are customarily shipped in boxed, bagged, crated or unitized form, held in the vessel's general holding areas, and handled by the piece, unit or in separate lots; without limiting the generality of the foregoing definition of break-bulk cargo, that term shall include road motor vehicles and other odd-size cargo, but shall not include containerized cargo or bulk cargo.  "Bulk cargo'', shall mean unsegregated mass commodities including, without limitation, items such as petroleum products, coal and bulk salt which are carried loose and which are customarily loaded and unloaded by pumping, shoveling, scooping or other similar means.  "Containerized cargo'', shall mean general goods, commodities or wares that are shipped in non-disposable, reusable, commercial sized shipping containers that are customarily used on sea and ocean going vessels for the convenient shipment of such goods, commodities or wares.  (b) A corporation subject to the excise imposed under section thirty-nine shall be allowed a non-refundable credit for the qualifying harbor maintenance tax paid during the taxable year. Qualifying harbor maintenance tax shall be the tax paid to the federal government by a corporation as a shipper, importer or exporter pursuant to section forty-four hundred and sixty-one of the federal Internal Revenue Code subject to the following conditions and limitations: (1) the tax must be paid with respect to the shipment of break-bulk cargo or containerized cargo; (2) the tax must be paid with respect to shipment by sea and ocean-going vessels through ports located in this commonwealth; and (3) tax paid with respect to passengers, the shipment of bulk cargo or the shipment of any other cargo or item or commerce not included within the meaning of clause (1) hereof is not qualifying harbor maintenance tax.  (c) The credit allowed under this section for qualifying harbor maintenance tax shall not be subject to the limitations of section thirty-two C; provided, however, that the credit allowed by this section shall not reduce the excise due under this chapter below the minimum excise provided by section thirty-nine (b).  (d) Any unused credit may be carried forward from the year earned, and applied against the excise due from the taxpayer under this chapter in any of the succeeding five taxable years.
MA Gen L ch 63 § 38s (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38s - Automatic Sprinkler System; Depreciation Deduction

Section 38S. (a) In determining the net income subject to tax under this chapter, a business corporation required to comply with section 26G.5 of chapter 148 and that has so complied, may, for the purposes of the depreciation deduction allowed under section 168 of the Federal Internal Revenue Code, classify an automatic sprinkler system having a situs in the commonwealth, and used exclusively in the trade or business of such corporation, as 5–year property as defined under 168(e)(3) of the Federal Internal Revenue Code. The term ''automatic sprinkler system'' means the system installed pursuant to section 26G.5 of said chapter 148 and in accordance with the state building code.  (b) Such depreciation deduction for the automatic sprinkler system shall be allowed only upon the condition that the net income for the taxable year and all succeeding taxable years be computed without any depreciation deduction upon the property other than the deduction allowed by this section.
MA Gen L ch 63 § 38v (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38v - Deductions for Qualifying Clinical Testing Expenses; Certified Life Sciences Company

[Text of section effective until December 31, 2028. Repealed by 2008, 130, Sec. 31. See 2008, 130, Sec. 54 as amended by 2011, 9, Sec. 25; 2013, 46, Sec. 57; and 2018, 112, Sec. 10. See also 2011, 9, Sec. 56 and 2013, 46, Sec. 87 as amended by 2018, 273, Sec. 26.]  Section 38V. A taxpayer which is a certified life sciences company pursuant to section 5 of chapter 23I may, to the extent authorized pursuant to the life sciences tax incentive program established by said section 5 of chapter 23I, be allowed a deduction under paragraph 4 of section 30 for that portion of qualified clinical testing expenses paid or incurred for the taxable year equal to the amount of the credit allowable for the taxable year under section 45C of the Internal Revenue Code and otherwise disallowed as a deduction under section 280C(b) of said Code.
MA Gen L ch 63 § 38y (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38y - Unrelated Business Taxable Income for Certain Exempt Corporations

Section 38Y. (a) Every business corporation which is exempt from taxation under section 501 of the Code shall be subject to tax under section 39 on its unrelated business taxable income, as defined in section 512 of the Code. The property or net worth of those corporations shall not be subject to tax under this chapter, and the minimum excise under section 39 shall not apply. If a corporation has unrelated business taxable income that is taxable both within and without the commonwealth, it may apportion its net income to the commonwealth under section 38, but its apportionment factors shall be determined by reference only to the unrelated business activity of the corporation. The credits allowed under this chapter shall be determined only with respect to the unrelated business activity of the corporation.  (b) An entity that is exempt from taxation under section 501 of the Code shall not be considered to be a business corporation for purposes of chapter 59.
MA Gen L ch 63 § 38z (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38z - Dairy Farm Tax Credit Program

Section 38Z. (a) There shall be established a dairy farm tax credit program under which a business corporation that holds a certificate of registration as a dairy farm pursuant to section 16A of chapter 94 may be allowed a refundable income tax credit based on the amount of milk produced and sold. The credit may be claimed against the taxes due pursuant to this chapter. The credit shall be established to offset the cyclical downturns in milk prices paid to dairy farmers and shall be based on the United States Federal Milk Marketing Order for the applicable market such that if the United States Federal Milk Marketing Order price drops below a trigger price anytime during the taxable year such business corporation may receive the tax credit.  (b) The commissioner of agricultural resources, in consultation with the commissioner of revenue, shall adopt regulations for the implementation, administration and enforcement of this section, including the establishment of the trigger price, which shall take into account the operating costs of milk production including hired labor and some portion of the value of unpaid labor, and the amount of the tax credit which shall be based upon volume of milk production. The regulations shall provide that when the board of food and agriculture, established pursuant to section 1 of chapter 20, determines that an error has been made in calculating the trigger price or in reporting or collecting data used in the calculation of the trigger price or the tax credit, the commissioner shall recalculate, with or without amendments, the trigger price or tax credit.  (c) The total cumulative value of the tax credits authorized pursuant to this section and subsection (o) of section 6 of chapter 62 shall not exceed $6,000,000 annually.  (d) If the amount of the credit allowed under this section exceeds the taxpayer's liability, the commissioner of revenue shall treat such excess as an overpayment and shall pay the taxpayer 100 per cent of the amount of such excess, without interest. The commissioner of agricultural resources shall certify to the department of revenue whether a dairy farm claiming credits under this section has met the eligibility requirements provided in this section and the amount of credit to which any such eligible applicant is entitled.