reglab/housing_qa huggingface dataset:
MA Gen L ch 63 § 38cc (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38cc - Life Sciences Refundable Jobs Credit

Section 38CC. (a) A taxpayer, to the extent authorized by the life sciences tax incentive program established in section 5 of chapter 23I, may be allowed a refundable jobs credit against the tax liability imposed under this chapter in an amount determined by the Massachusetts Life Sciences Center in consultation with the department.  (b) A taxpayer taking a credit under this section shall commit to the creation of a minimum of 50 net new permanent full-time positions in the commonwealth.  (c) A credit allowed under this section shall reduce the liability of the taxpayer under this chapter for the taxable year. If a credit claimed under this section by a taxpayer exceeds the taxpayer's liability as otherwise determined under this chapter for the taxable year, 90 per cent of such excess credit, to the extent authorized pursuant to the life sciences tax incentive program, shall be refundable to the taxpayer. Excess credit amounts shall not be carried forward to other taxable years.  (d) The department shall issue the refundable portion of the jobs credit without further appropriation and in accordance with the cumulative amount, including the current year costs of incentives allowed in previous years, which shall not exceed $30,000,000 annually as set forth in subsection (d) of said section 5 of said chapter 23I.
MA Gen L ch 63 § 38dd (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38dd - Credit Against Excise Tax Imposed Under Secs. 2(b), 2b(b) or 39(b)

Section 38DD. (a) A corporation formed under chapter 156D and taxable under this chapter shall receive a nontransferrable credit against an excise tax imposed under subsection (b) of section 2, subsection (b) of section 2B or subsection (b) of section 39.  (b) A corporation shall only be eligible for a credit under subsection (a) for the first 3 years in which it is required to file a return under this chapter; provided, however, that such credit shall not be allowed to any corporation with 50 per cent or more of its voting stock owned by another corporation, whether or not such owning corporation is taxable in the commonwealth.
MA Gen L ch 63 § 38gg (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38gg - Hiring of Qualified Veterans; Excise Tax Credit

Section 38GG. (a) A business corporation with not more than 100 employees, that is certified by the commissioner of veterans' services pursuant to section 2C of chapter 115 and qualifies for and claims the Work Opportunity Credit allowed under section 51 of the Internal Revenue Code, as amended and in effect for the taxable year, for the hiring of qualified veterans in the commonwealth shall be allowed a credit against its excise due under this chapter in an amount equal to $2,000 for each qualified veteran hired by the business corporation. For the purposes of this section, ''qualified veteran'' shall have the same meaning as under section 51(d)(3) of the Code.  (b) To be eligible for a credit under this section: (i) the primary place of employment and the primary residence of the qualified veteran shall be in the commonwealth; and (ii) not later than the day an individual begins work, a business corporation shall have obtained the applicable certification from the department of career services or any successor agency that the individual is a qualified veteran.  (c) In the case of a business corporation that is subject to a minimum excise under this chapter, the amount of the credit allowed by this section shall not reduce the excise to an amount less than such minimum excise.  (d) A business corporation that is eligible for and claims the credit allowed under this section in a taxable year with respect to a qualified veteran shall be eligible for a second credit of $2,000 in the subsequent taxable year with respect to such qualified veteran, subject to certification of continued employment during the subsequent taxable year in the manner required by the commissioner. A credit allowed under this section shall not be transferable or refundable. Any amount of the credit allowed under this section that exceeds the tax due for a taxable year may be carried forward to any of the 3 subsequent taxable years.  (e) The total cumulative value of the credits authorized pursuant to this section and subsection (u) of section 6 of chapter 62 shall not exceed $1,000,000 annually.
MA Gen L ch 63 § 38jj (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 38jj - Tax Credits for Qualified Employees With Disabilities

[ Text of section added by 2021, 24 Sec. 37 effective July 1, 2021. See 2021, 24, Sec. 149.]  Section 38JJ. (a) A business corporation engaged in business in the commonwealth shall be allowed a credit equal to $5,000 or 30 per cent of the wages paid to each qualified employee with a disability in the first taxable year of employment, whichever is less, against the tax liability imposed by this chapter. Such employer shall be allowed a credit equal to $2,000 or 30 per cent of the wages paid to each qualified employee with a disability in each subsequent taxable year of employment, whichever is less, against the tax liability imposed by this chapter. If a credit allowed by this section exceeds the tax otherwise due under this chapter, 100 per cent of the balance of such credit may, at the option of the taxpayer, be refundable to the taxpayer. In order to qualify, the employee with a disability shall be: (i) certified by the Massachusetts rehabilitation commission as meeting the definition of disability under the Americans with Disabilities Act, 42 U.S.C. 12102; (ii) capable of working independently; (iii) physically or mentally impaired in a manner that constitutes or results in a substantial impediment to employment for the individual; and (iv) hired by the employer after July 1, 2021.  (b) To be eligible for a credit under this section: (i) the primary place of employment and the primary place of residence of the employee shall be in the commonwealth; (ii) the business shall receive the applicable certification from the Massachusetts rehabilitation commission that the employee qualifies not later than the day the employee begins work; provided, reasonable exceptions to this timeframe may be established through regulation; and (iii) the employee shall be employed by the business corporation for a period of at least 12 consecutive months prior to and in the taxable year in which the credit is claimed.  (c) In the case of a business corporation that is subject to a minimum excise under this chapter, the amount of the credit allowed by this section shall not reduce the excise to an amount less than such minimum excise.  (d) A business corporation that is eligible for and claims the credit allowed under this section in a taxable year with respect to a qualified employee with a disability shall be eligible for such credit in the subsequent taxable year with respect to such qualified employee. Any credit allowed under this section shall not be transferable.  (e) The secretary of health and human services, in consultation with the commissioner, shall promulgate regulations establishing an application process for the credit.
MA Gen L ch 63 § 39a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 39a - Tax on Business Subsidiary Corporation

Section 39A. The net income of a business corporation which is a subsidiary or parent corporation of another corporation or closely affiliated therewith by stock ownership shall be determined by eliminating all payments to the parent corporation or subsidiary or affiliated corporations in excess of fair value, and by including fair compensation to such business corporation for all commodities sold to or services performed for the parent corporation or subsidiary or affiliated corporations. For the purposes of determining such net income, the commissioner may, in the absence of satisfactory evidence to the contrary, presume that an apportionment by reasonable rules of the consolidated net income of corporations participating in the filing of a consolidated return of net income to the federal government fairly reflects the net income taxable under this chapter, or may otherwise equitably determine such net income by reasonable rules of apportionment of the combined income of the subsidiary, its parent and affiliates or any thereof.  If, in the opinion of the commissioner, the capital of a business corporation, which is a subsidiary or parent corporation of another corporation or closely affiliated therewith by stock ownership, is inadequate for its business needs apart from credit extended or indebtedness guaranteed by the parent or subsidiary or an affiliated corporation, the commissioner shall, in determining net worth under paragraph 8 or 9 of section thirty, determine the value of its net worth properly taxable thereunder and consider such value the taxable net worth, disregarding its indebtedness owed or guaranteed by the parent or subsidiary or an affiliated corporation.  Such a corporation shall incorporate in its tax return required under section eleven of chapter sixty-two C such information as the commissioner may reasonably require for determination of the excise pursuant to the provisions of this section, and failure to so incorporate such information shall subject the corporation and its officers to the penalties provided by section seventy-four of chapter sixty-two C. This section shall be broadly construed to include the situation in which the corporations referenced transact with one another through persons or entities that are not corporations within the meaning of this chapter.
MA Gen L ch 63 § 42 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 42 - Alternative Method of Determining Net Income

Section 42. If the allocation and apportionment provisions of this chapter are not reasonably adapted to approximate the net income derived from business carried on within this commonwealth, a corporation may apply to the commissioner to have its income derived from business carried on within this commonwealth determined by a method other than that set forth in section thirty-eight. Such application shall be made by attaching to its duly-filed return a statement of the reasons why the corporation believes that the allocation and apportionment provisions of this chapter are not reasonably adapted to approximate its net income derived from business carried on within this commonwealth and a description of the method of allocation sought by it. A corporation which so applies shall, upon receipt of a request therefor from the commissioner, file with the commissioner, under oath of its treasurer, a statement of such additional information as the commissioner may require.  If, in the judgment of the commissioner the allocation and apportionment provisions of this chapter are not reasonably adapted to approximate the corporation's net income derived from business carried on within this commonwealth, the commissioner shall by reasonable methods determine the amount of net income derived from business activity carried on within this commonwealth. The amount thus determined shall be the net income taxable under this chapter and the foregoing determination shall be in lieu of the determination required by section thirty-eight. If an alternative method is used by the commissioner hereunder, the commissioner, in his discretion, with respect to the two next succeeding taxable years, may require similar information from such corporation if it shall appear that the allocation and apportionment provisions of this chapter are not reasonably adapted to approximate for the applicable year the corporation's net income derived from business carried on within this commonwealth and may by reasonable methods determine such income in the same manner as if the corporation had applied to have its income so determined.
MA Gen L ch 63 § 42a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 42a - Taxable Net Income

Section 42A. The taxable net income of a business corporation allocated or apportioned to this commonwealth under section 38 shall be its net income subject to the tax under this chapter.
MA Gen L ch 63 § 52 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 52 - Unconstitutionality of Excise Tax Law; Effect; Revival of Former Act

Section 52. If any of the provisions of this chapter imposing an excise on business corporations as defined in subsection (1) of section 30 are declared unconstitutional or inoperative by a final judgment, order or decree of the supreme court of the United States or of the supreme judicial court of the commonwealth, the portion of those provisions that was found to be unconstitutional or inoperative shall be null and void and shall become inapplicable to those corporations. In this event, the provisions of law, whether under this chapter or chapter 62, that (a) were applicable to those business corporations immediately before the enactment of the provision found to be unconstitutional or inoperative and (b) became inoperative or inapplicable in connection with the enactment of the provision found to be unconstitutional or inoperative, shall thereupon be revived and become operative and applicable in respect to those business corporations and shall be continued in full force and effect from the first day of January preceding by 6 years the first day of January of the calendar year in which the final judgment, order or decree is entered, to the same extent as if the provision found to be unconstitutional or inoperative had not been enacted. The commissioner and the local assessors shall as soon as may be assess all taxes for which liability has been incurred under the laws revived, made operative or applicable or continued in force by the foregoing provisions or any of them. The time for assessing such taxes shall be extended for a period of one year from the date of entry of such final judgment, order or decree and, for performing any duty subsequent to assessment, the time shall be extended for a further period after such assessment commensurate with the period which would have obtained under the laws hereby revived and again made operative, applicable and continued in force. Privileges and rights granted shall be correspondingly extended. Excises declared invalid by reason of the foregoing premises, which were assessed on or after the date when predecessor laws are revived, made operative or applicable or continued in force as provided in this section, shall, to the extent that those excises have been paid and are unrefunded, be credited against the taxes assessed for the same period under the laws revived and again made operative, applicable and continued in force, but if this credit exceeds the taxes due, the excess shall be refunded upon warrant of the commissioner to the state treasurer. There shall be no further or other recovery of the amounts thus credited or refunded. If any provision of this chapter other than the provisions imposing an excise shall be declared unconstitutional or inoperative, the remaining provisions shall not be affected.
MA Gen L ch 63 § 55 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 55 - Valuation

Section 55. The commissioner shall ascertain from the returns or otherwise the true market value of the shares of each corporation required to make a return under section twelve of chapter sixty-two C, and shall estimate therefrom the fair cash value of all the shares constituting its capital stock on January first preceding, which, unless by the charter of a corporation a different method of ascertaining such value is provided, shall, for the purposes of this chapter, be taken as the true value of its corporate franchise. From such value there shall be deducted the value as found by the commissioner of its works, structures, real estate, motor vehicles, trailers, machinery, poles, underground conduits, wires and pipes, subject to local taxation wherever situated.  For the purposes of this section the commissioner may take the value at which any works, structures, real estate, machinery, poles, underground conduits, wires and pipes are assessed at the place where they are located as the true value, but such local assessment shall not be conclusive of the true value thereof. For purposes of the deduction of the value of motor vehicles and trailers, the value of such motor vehicles and trailers as determined in accordance with the provisions of chapter sixty A shall be used.  The term ''real estate'', as used in this section and in section sixty-eight A, shall include the corporation's interest as lessee in such buildings on land held under a lease as by the terms of the lease are the property of and may be removed by the lessee, and such buildings, for the purposes of said sections shall not be deemed real estate of the lessor.
MA Gen L ch 63 § 58 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 58 - Tax Rate

Section 58. Every corporation required to file a return under subsection (h) of section twelve of chapter sixty-two C shall annually pay a tax upon its corporate franchise, after making the deductions provided for in section fifty-five, at a rate equal to the average of the annual rates for three years preceding that in which such assessment is laid, said annual rates to be determined by an apportionment of the whole amount of money to be raised by taxation upon property in the commonwealth during each of the said three years, as returned by the assessors of the several towns under section forty-seven of chapter fifty-nine, upon the aggregate valuation of all towns for each of the said three years, as returned under said section forty-seven.
MA Gen L ch 63 § 59 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 59 - Assessment of Additional Taxes

Section 59. When the commissioner has received notice of an abatement of the taxes of any corporation under section seventy-four of chapter fifty-nine, he shall assess upon such corporation an additional tax upon its corporate franchise value, in such amount as shall make the total franchise tax equal that which would have been assessed had the valuation as established by said abatement been adopted by the commissioner when making his original assessment upon the corporate franchise value of such corporation, which additional tax shall be paid and collected as an addition to the franchise tax next to be assessed upon said corporation after such abatement.
MA Gen L ch 63 § 67 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 67 - Assessment; Rate; Return; Deductions

Section 67. The commissioner shall annually assess as of the last day of the taxable year, as defined in paragraph 6 of section thirty, an excise tax upon the interest of every corporation organized under the laws of this commonwealth and having a place of business therein, in any ship or vessel which has, during the period of its business in the year preceding such day, been engaged in interstate or foreign carrying trade or engaged exclusively in fishing and documented and carrying ''papers'' under the laws of the United States, which tax shall be one-third of one percent upon the value of such interest as determined by him. If the commissioner is satisfied of the truth of the return filed pursuant to section twelve of chapter sixty-two C he shall deduct said value from the value of its corporate franchise, if it is taxable under section fifty-eight.
MA Gen L ch 63 § 68 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 68 - Effect on Other Taxes

Section 68. The taxes imposed by this chapter upon any corporation shall not affect or prevent the imposition and collection of any other tax now authorized, or that may hereafter be authorized, upon any especial privilege, franchise or business enjoyed or exercised by such corporation.
MA Gen L ch 63 § 68a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 68a - Conflict Between Local and State Valuations; Remedy

Section 68A. If the value of the works, structures, real estate, machinery, poles, underground conduits, wires and pipes owned by a corporation taxable under any provision of this chapter and which are subject to local taxation within the commonwealth, as determined by the commissioner, is less than the value thereof as determined by the assessors of the town where it is situated, the commissioner shall give notice of his determination to such corporation; and, unless within one month after the date of such notice the corporation applies to said assessors for an abatement, and, upon the refusal of the assessors to grant an abatement, prosecutes an appeal under section sixty-four of chapter fifty-nine, giving notice thereof to the commissioner, the valuation of the commission shall be conclusive upon said corporation.
MA Gen L ch 63 § 68c (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title IX - Taxation|Chapter 63 - Taxation of Corporations|Section 68c - Exemption From Excise Under Sec. 39 for Certain Business Corporations

Section 68C. In general, a business corporation as defined in section 30 is subject to an excise under section 39, as provided in that section, and as modified by section 32D in the case of S corporations and by section 38Y in the case of entities qualifying under section 501 of the Code. Notwithstanding this general rule or any other provision of this chapter, the excise under section 39 shall not apply in the case of a business corporation that is:—  (1) a financial institution, as defined in section 1, that is subject to excise under section 2 or 2B;  (2) a security corporation as defined in section 38B and subject to excise under that section;  [There is no clause (3).]  (4) an insurance company subject to excise under sections 20 to 29E, inclusive;  (5) an urban redevelopment corporation subject to excise under section 10 of chapter 121A;  (6) a corporation described in section 10 or section 18 of chapter 157;  (7) a corporation described in section 1 of chapter 171;  (8) a corporation or other entity that qualifies as a regulated investment company under section 851 of the Code; or  (9) an unincorporated entity within the definition of, and electing to be treated as, a homeowners' association under section 528(c) of the Code and subject to tax for the taxable year as provided in section 5C of chapter 62; or  (10) a business corporation otherwise expressly exempted from the excise under this chapter by any other general law.