reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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

[ Introductory paragraph effective until May 30, 2023. For text effective May 30, 2023, see below.]
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:
[ Introductory paragraph as amended by 2023, 7, Sec. 228 effective May 30, 2023. See 2023, 7, Sec. 298. For text effective until May 30, 2023, see above.]
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 60A of chapter 23A, and either:
[ Clause (i) effective until May 30, 2023. For text effective May 30, 2023, see below.]
(i) domiciled in an eligible section of substantial poverty as defined in section eleven of chapter twenty-three B; or
[ Clause (i) as amended by 2023, 7, Sec. 228 effective May 30, 2023. See 2023, 7, Sec. 298. For text effective until May 30, 2023, see above.]
(i) domiciled in an eligible section of substantial poverty as defined in section 60A of chapter 23A; 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.
2023 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.
2023 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 secretary 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 secretary. 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.
2023 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.
2023 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.
2023 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

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.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title IX - Taxation › Chapter 63 - Taxation of Corporations › Section 38kk - Tax Credits for Qualified Employers Hiring Members of the National Guard

[Text of section applicable for qualified employees hired after July 1, 2022 and for tax yeas beginning on or after January 1, 2023. See 2022, 268, Sec. 269. ]
Section 38KK. (a) A business corporation with not more than 100 employees may be allowed a credit against its excise due under this chapter in an amount equal to $2,000 for each member of the Massachusetts national guard hired by the business corporation. A business corporation that is eligible for and claims the credit allowed under this section in a taxable year with respect to a member of the Massachusetts national guard shall be eligible for a second credit of $2,000 in the subsequent taxable year with respect to such member of the Massachusetts national guard, subject to certification of continued employment by the employer to the Massachusetts office of business development during the subsequent taxable year.
(b) To be eligible for a credit under this section: (i) the primary place of employment and the primary residence of the member of the Massachusetts national guard shall be in the commonwealth; and (ii) not later than the day an individual begins work, a business shall have obtained the applicable certification from the office of the adjutant general that the individual is a member of the Massachusetts national guard.
(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 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 (aa) of section 6 of chapter 62 shall not exceed $1,000,000 annually.
(f) The Massachusetts office of business development, in consultation with the commissioner, shall authorize, administer and determine eligibility for the tax credit pursuant to this section and subsection (aa) of section 6 of chapter 62 and allocate the credit in accordance with the standards and requirements set forth in regulations promulgated pursuant to this section.
(g) The Massachusetts office of business development, in consultation with the commissioner, shall promulgate regulations establishing an application process for the credit; provided, that the credit shall be authorized for all eligible applicants on a first-come, first-served basis; and provided further, that the $1,000,000 limit on the total cumulative value of the credits authorized annually set forth in subsection (e) shall not be exceeded.
2023 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.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title IX - Taxation › Chapter 63 - Taxation of Corporations › Section 38ll - Offshore Wind Tax Incentive Program; Refundable Jobs Credit

[Text of section effective until January 1, 2033 for taxable years beginning on or after January 1, 2023. Repealed by 2022, 268, Sec. 272. See 2022, 268, Secs. 271 and 273.]
Section 38LL. (a)(1) A corporation subject to tax under this chapter, to the extent authorized by the offshore wind tax incentive program established in subsection (d) of section 8A of chapter 23J, may be allowed a refundable jobs credit against the tax liability imposed under this chapter in an amount determined by the Massachusetts clean energy technology center established in section 2 of said chapter 23J, in consultation with the department of revenue.
(2) A corporation taking a credit under this section shall commit to the creation of not less than of 50 net new permanent full-time employees in the commonwealth.
(3) A credit allowed under this section shall reduce the liability of the corporation under this chapter for the taxable year. If a credit claimed under this section by a corporation exceeds the corporation's liability as otherwise determined under this chapter for the taxable year, 90 per cent of such excess credit, to the extent authorized by the offshore wind tax incentive program, shall be refundable to the corporation. Excess credit amounts shall not be carried forward to other taxable years.
(4) The department of revenue 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 $35,000,000 annually as set forth in subsection (d) of section 8A of chapter 23J
2023 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.
2023 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 26G1/2 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 26G1/2 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.
2023 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.
2023 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.
2023 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.
[ Subsection (c) effective until January 2, 2024. For text effective January 2, 2024, see below.]
(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.
[ Subsection (c) as amended by 2023, 50, Sec. 32 effective January 2, 2024 for taxable years beginning on or after January 1, 2023. See 2023, 50 Sec. 49. For text effective until January 2, 2024, see above.]
(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 $8,000,000 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title IX - Taxation › Chapter 63 - Taxation of Corporations › Section 69 - Inspection of Records; Examination of Officers

Section 69. Every corporation taxable under this chapter, except a foreign corporation taxable under section twenty-one or twenty-three, shall, when required for the purposes of any tax submit its books to the inspection of the commissioner, and its treasurer and directors to examination on oath relative to all matters affecting the determinations to be made by said commissioner.