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.

Terms Used In Massachusetts General Laws ch. 63 sec. 38L

  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

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.

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