Chapter 63

Section 1. When used in sections one to two A, inclusive, and section thirty-eight B, the following words shall, unless the context otherwise requires, have the following meaning: ''Billing address'', the location indicated in the books and records of the taxpayer on the first da…

Section 2. (a) Except as provided in subsections (b) and (d), every financial institution engaged in business in the commonwealth shall pay, on account of each taxable year, an excise measured by its net income determined to be taxable under section two A at the following rate: t…

Section 20. Every life insurance company, as defined by section one hundred and eighteen of chapter one hundred and seventy-five, authorized to transact business in the commonwealth shall annually pay an excise of two per cent upon all new and renewal premiums received during the…

Section 21. Every foreign life insurance company shall annually pay with respect to business taxable under the preceding section, in addition to the excise hereby imposed, a sum equal to the excess over such excise of the amount of tax which would be imposed in the same year by t…

Section 22. Every domestic insurance company coming within the scope of the definition of a domestic company in section 1 of chapter 175, except life insurance companies with respect to amounts received as consideration for annuity contracts and business taxable under section 20 …

Section 22A. Every domestic insurance company coming within the scope of the definition of a domestic company in section one of chapter one hundred and seventy-five, except life insurance companies as defined in section one hundred and eighteen of said chapter one hundred and sev…

Section 22B. (1) Every domestic life insurance company not subject to tax under section twenty-two A shall annually pay an investment privilege excise equal to fourteen per cent of its net investment income for the taxable year as adjusted and as apportioned to the commonwealth i…

Section 22C. A domestic life insurance company subject to the investment privilege excise imposed by section twenty-two B having admitted assets of two hundred million dollars or less at the close of a taxable year, shall be allowed a credit against such excise in the amount of t…

Section 22D. For the purposes of determining the amount of gains, but not losses, under the investment privilege excise imposed by section twenty-two B, a qualifying domestic life insurance company, as hereinafter defined, subject to said excise and having admitted assets of less…

Section 23. Every foreign insurance company coming within the scope of the definition of a foreign company in section 1 of chapter 175, except life insurance companies with respect to business taxable under sections 20 and 21 and marine, or fire and marine, insurance companies wi…

Section 24. In determining the amount of the tax payable under sections twenty-two and twenty-three, there shall be deducted all premiums on policies written but not taken, or cancelled through default of payment, and all premiums returned or credited to policyholders during the …

Section 24A. Section twenty-one and the provision of section twenty-three imposing an excise in excess of two per cent of premiums taxable thereunder shall not apply to insurance companies organized in a state or country the laws of which do not impose retaliatory taxes or which …

Section 26. The books, papers and accounts of every insurance company and of its agents shall be opened at all times to inspection and examination by the commissioner and the commissioner of insurance, or their duly authorized representatives, for the purpose of verifying the acc…

Section 28. Every insurance company liable to taxation under sections twenty to twenty-three, inclusive, and twenty-nine A shall pay to the commissioner at the time fixed for filing its return under the applicable section of chapter sixty-two C the amount of the excise thereby im…

Section 29. Every domestic or foreign insurance company shall be liable for the full amount of all taxes assessed under this chapter upon it or its agents.

Section 29A. (1) Every marine, or fire and marine, insurance company authorized to transact business in the commonwealth coming within the scope of the definition of a domestic company or of a foreign company in section 1 of chapter 175, shall, with respect to all insurance writt…

Section 29B. Every attorney in fact of a reciprocal or inter-insurance exchange defined in section ninety-four A of chapter one hundred and seventy-five and authorized to transact business in the commonwealth under the provisions of sections ninety-four A to ninety-four M, inclus…

Section 29C. A life insurance company subject to the excise imposed by either sections 20 or 22 shall be allowed a credit against either such excise equal to 11/2 per cent of such company's total capital contribution in excess of their full proportionate share which shall mean an…

Section 29D. A property and casualty insurance company subject to the excise upon premiums imposed by either sections 22 or 23 shall be allowed a credit against either such excise equal to 11/2 per cent of such company's total capital contribution in excess of their full proporti…

Section 29E. (a) As used in this section, the following words shall have the following meanings:— ''Credit share'', a credit amount equal to the product of the following: (1) $8,000,000; (2) multiplied by a fraction, the numerator of which shall be the domestic property and casua…

Section 2A. The commissioner shall determine the part of the net income of a financial institution derived from business carried on within the commonwealth as follows: (a) If the financial institution does not have income from business activity which is taxable in another state, …

Section 2B. (a) Any financial institution which is an S corporation, as defined under section 1361 of the Code, shall pay, on account of each taxable year, an excise measured by its net income determined to be taxable under section 2A as follows:— (1) The net income shall be dete…

Section 30. When used in this section and in sections 31 to 52, inclusive, the following terms shall have the following meanings, and the terms "business corporation,'' "disregarded entity,'' and "partnership,'' defined in paragraphs 1, 2 and 16 of this section, shall, unless oth…

Section 31A. (a) A manufacturing corporation, or a business corporation engaged primarily in research and development, which has been deemed to be such under section forty-two B, or a corporation primarily engaged in agriculture or commercial fishing, shall be allowed a credit as…

Section 31C. A manufacturing corporation, or a business corporation engaged primarily in research and development, which has been deemed to be such under section thirty-eight C or forty-two B, shall be allowed a credit as hereinafter provided against its excise due under this cha…

Section 31D. As used in sections thirty-one D to thirty-one F, inclusive, the following words shall, unless the context requires otherwise, have the following meanings:— ''Commuting student'', a full-time student at a college, university or other postsecondary educational institu…

Section 31E. (a) A business corporation shall be allowed a credit against its excise due under this chapter equal to thirty per cent of the cost incurred during the taxable year for the purchase of company shuttle vans, as defined under section one hundred and seventy-nine (d) of…

Section 31F. (a) Upon registration of a vanpool vehicle, registration plates for each vehicle shall be provided which include the word VANPOOL on the face thereof. (b) There shall be no vehicle registration fee required for vanpool vehicle owners who are able to establish the fol…

Section 31H. (a) For the purposes of this section, unless the context clearly requires otherwise, the following words shall have the following meanings:— ''Commissioner'', the commissioner of the department of revenue. ''Compliance period'', the period of 15 taxable years beginni…

Section 31I. (a) As used in this section, the following words shall, unless the context requires otherwise, have the following meanings:— ''Code'', the federal Internal Revenue Code as amended and in effect for the taxable year. ''Intangible expenses and costs'', includes (1) exp…

Section 31J. (a) For purposes of computing its net income under this chapter, a taxpayer shall add back otherwise deductible interest paid, accrued or incurred to a related member, as defined in section 31I, during the taxable year, except that a deduction shall be permitted when…

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 establi…

Section 31M. (a) As used in this section, the following words shall, unless the context otherwise requires, have the following meanings:— ''Life sciences'', advanced and applied sciences that expand the understanding of human physiology and have the potential to lead to medical a…

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 th…

Section 32B. (a) Notwithstanding any other provision of this chapter, a corporation subject to tax under this chapter and engaged in a unitary business with 1 or more corporations subject to combination within the meaning of this section shall, under regulations adopted by the co…

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 cor…

Section 32D. (a) Any business corporation subject to an excise under section 39 which is an S corporation, as defined under section 1361 of the Code, as amended and in effect for the taxable year, shall determine the net income measure of the excise as follows: (i) The net income…

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 red…

Section 38. The commissioner shall determine the part of the net income of a business corporation derived from business carried on within the commonwealth as follows: (a) Net income, as defined in section 30, adjusted as follows shall constitute taxable net income: (1) 95 per cen…

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.

Section 38AA. (a) As used in this section, the following words shall have the following meanings:- ''Bargain sale'', the sale of an interest in real property by a taxpayer at a cost below appraised market value, when a portion of the value of the interest in real property is a qu…

Section 38B. (a) Every financial institution or business corporation which is engaged exclusively in buying, selling, dealing in, or holding securities on its own behalf and not as a broker, except securities of a DISC, and is not a bank holding company under the Internal Revenue…

Section 38BB. (1) A credit shall be allowed against the tax liability imposed by this chapter, to the extent awarded by the executive office of housing and livable communities, in this section referred to as ''EOHLC'', established in chapter 23B, for a certified housing developme…

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 Lif…

Section 38D. (a) In determining the net income subject to tax under this chapter a business corporation, at its election, may deduct the expenditures paid or incurred during the taxable year for the construction, reconstruction, erection or improvement of industrial waste treatme…

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 …

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…

Section 38EE. (a) The purpose of this section shall be to enable local residents and stakeholders to work with and through community development corporations to partner with nonprofit, public and private entities to improve economic opportunities for low and moderate income house…

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 individual…

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 o…