§ 1 Definitions
§ 2 Financial institutions; excise rate
§ 2A Financial institutions; determination of net income
§ 2B S corporations; excise rate; determining factors of amount
§ 7 Effect of assessment on other levies
§ 20 Premiums subject to taxation; rate
§ 21 Additional tax on foreign companies
§ 22 Domestic companies other than life; premiums subject to taxation; rate
§ 22A Domestic companies; annual total gross investment income earned tax
§ 22B Investment privilege excise; net investment income
§ 22C Credit against investment privilege excise
§ 22D Gains, determination for investment privilege excise purposes; definitions
§ 23 Foreign companies; premiums subject to taxation; rate
§ 24 Deductions
§ 24A Retaliatory taxes; applicability and reciprocal exemption; definition
§ 26 Examination of records
§ 28 Payment; time; basis for liability
§ 29 Liability for taxes
§ 29A Fire and marine companies; tax on underwriting profit; computation
§ 29B Taxation of reciprocal or inter-insurance exchange agents
§ 29C Life insurance companies; credits against taxes imposed by Secs. 20 and 22
§ 29D Property and casualty insurance companies; taxes on premiums; credits against taxes imposed by Secs. 22 and 23
§ 29E Definitions; property and casualty insurance companies; retaliatory taxes; credits against taxes imposed by Sec. 22
§ 30 Definitions; value of tangible property; net worth
§ 31A Investment credit for certain corporations; limitations
§ 31C Credit for certain corporations; increase in number of full-time employees
§ 31D Definitions applicable to Secs. 31D to 31F
§ 31E Credit for company shuttle van purchase or lease expenses
§ 31F Vanpool vehicle registration; fee
§ 31H Definitions; state low-income housing tax credit; eligibility; allocation; recapture
§ 31I Transactions with related members; adding back of certain deductions
§ 31J Deductible interest; interest paid to related member; taxpayer’s burden to show disallowance of deduction unreasonable
§ 31K Deductible interest; adjustments; applicability
§ 31M Life sciences tax credit
§ 31N Determination of gross income; adjustment to federal gross income
§ 32B Combined reporting; corporations subject to combination; apportionment of income; joint and several liability; regulations; affiliated group election
§ 32C Maximum amount of credits; carryover
§ 32D S corporations; net income measure
§ 32E Application and refund of credits earned under Sec. 38X; substantiation of claims; regulations
§ 38 Determination of net income derived from business carried on within commonwealth
§ 38A Taxable net income
§ 38B Financial institutions and business corporations engaged exclusively in buying, selling, dealing in or holding securities; excise rate
§ 38E Eligible business facility; excise credit
§ 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
§ 38G Reporting wholly-owned DISC income
§ 38H Alternative energy sources; deduction
§ 38I Wages deemed compensation paid in commonwealth; deduction; election
§ 38J Qualified research contribution deduction
§ 38L Natural Heritage and Endangered Species Fund; contributions
§ 38M Credit against amount of excise due; research expenses
§ 38N Economic development incentive program; tax credit for certified projects
§ 38O Economic target areas; tax deduction for renovation of abandoned buildings
§ 38Q Environmental response actions; credit
§ 38R Massachusetts historic rehabilitation tax credit
§ 38S Automatic sprinkler system; depreciation deduction
§ 38U Credit for cost of qualifying property; life sciences
§ 38V Deductions for qualifying clinical testing expenses; certified life sciences company
§ 38W Credit for qualified research expenses; life sciences
§ 38X Credit against taxes imposed on persons filming motion picture for employment of persons within commonwealth in connection with filming or production
§ 38Y Unrelated business taxable income for certain exempt corporations
§ 38Z Dairy farm tax credit program
§ 38AA Credit against taxes imposed for qualified donation of certified land to public or private conservation agency
§ 38BB Credit against taxes imposed for a certified housing development project
§ 38CC Life Sciences refundable jobs credit
§ 38DD Credit against excise tax imposed under Secs. 2(b), 2B(b) or 39(b)
§ 38EE Community investment tax credit
§ 38GG Hiring of qualified veterans; excise tax credit
§ 38HH Credit for wages paid to qualified apprentice
§ 38II Cranberry production
§ 38JJ Tax credits for qualified employees with disabilities
§ 38KK Tax credits for qualified employers hiring members of the national guard
§ 38LL Offshore wind tax incentive program; refundable jobs credit
§ 38MM Refundable credit for capital investment in an offshore wind facility; amount; eligibility; limitations; administration
§ 39 Tax rate
§ 39A Tax on business subsidiary corporation
§ 42 Alternative method of determining net income
§ 42A Taxable net income
§ 42B Manufacturing and research and development corporations
§ 52 Unconstitutionality of excise tax law; effect; revival of former act
§ 55 Valuation
§ 58 Tax rate
§ 59 Assessment of additional taxes
§ 67 Assessment; rate; return; deductions
§ 68 Effect on other taxes
§ 68A Conflict between local and state valuations; remedy
§ 68C Exemption from excise under Sec. 39 for certain business corporations
§ 69 Inspection of records; examination of officers
§ 79 Penalty for failure to make return for corporate franchise tax
§ 80 Collection of penalties
§ 81 Local taxation, defined

Terms Used In Massachusetts General Laws > Chapter 63 - Taxation of Corporations

  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Other entity: includes a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Statute: A law passed by a legislature.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.