Massachusetts General Laws ch. 63 sec. 38DD – Credit against excise tax imposed under Secs. 2(b), 2B(b) or 39(b)
Current as of: 2023 | Check for updates
|
Other versions
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.
Terms Used In Massachusetts General Laws ch. 63 sec. 38DD
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(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.