Massachusetts · statute · Mass. Gen. Laws ch. 63 · 99 active provisions
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 day of the taxable year, or on such later…
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: taxable years beginning on or after Janua…
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, the whole of its net income shall be tax…
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 determined by taking into account subchapter…
Section 7. Any taxes assessed upon any bank under the provisions of the foregoing sections shall be in lieu of any and all other taxes under this chapter.
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 preceding calendar year for all policie…
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 the laws of the state or country under wh…
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 and marine, or fire and marine, insuranc…
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 seventy-five, which are also life insurance…
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 in accordance with this section. (2) As u…
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 twenty thousand dollars. Any such company…
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 than one billion dollars, at the close…
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 with respect to business taxable under sec…
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 year for which the tax is determined, bu…
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 grant, on a reciprocal basis, exemption…
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 accuracy of the returns made under section…
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 imposed. Liability for the taxes imposed b…
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 written within the commonwealth upon hulls, f…
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, inclusive, of said chapter, shall be subject t…
[Text applicable as provided by 1998, 259, Sec. 10.] 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…
[Text applicable as provided by 1998, 259, Sec. 10.] 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…
[Text applicable as provided by 1998, 259, Sec. 10.] 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 prope…
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 otherwise provided, also have the following…
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 hereinafter provided against its excise…