Massachusetts Statutes

Section 3. Except as otherwise specifically provided herein, the governor and the general court in exercising their respective constitutional and statutory duties shall endeavor in each fiscal year to establish and approve a budget for the Commonwealth and set rates of taxation f…

Section 4. Allowable state tax revenues for a fiscal year shall be reduced, if, after the effective date of this chapter, by an enactment of the general court, authority is granted to local governmental units by local option or otherwise to impose or levy a new, or to increase an…

Section 5. (a) The commissioner shall annually, on or before September first prepare a report of the net state tax revenues and the allowable state tax revenues of the commonwealth for the preceding fiscal year, and shall submit the report to the state auditor. Said state auditor…

Section 6. If net state tax revenues in any fiscal year exceed allowable state tax revenues for said fiscal year the amount of such excess, as determined by the State Auditor and reported to the Commissioner pursuant to section five of this chapter, shall result in a credit equal…

Section 7. The Supreme Judicial Court or Superior Court may, upon the petition of not less than twenty-four taxable inhabitants of the Commonwealth, not more than six of whom shall be from any one county, enforce the provisions of this chapter. If successful, said taxable inhabit…

Section 8. The provisions of this law are severable, and if any clause, sentence, paragraph, or section of this chapter or an application thereof shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the rema…

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.