Bill Text: MA H3750 | 2009-2010 | 186th General Court | Introduced

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Bill Title: Extend net operating loss carry forward provisions in the law relative to the taxation of corporations

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 7/8 at 10:00 AM in Hearing Room B2 [H3750 Detail]

Download: Massachusetts-2009-H3750-Introduced.html

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The Commonwealth of Massachusetts

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PRESENTED BY:

Michael J. Rodrigues

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
                Court assembled:

                The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:

An Act to extend the net operating loss carry forward provision.

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PETITION OF:

 

Name:	District/Address:
Michael J. Rodrigues	8th Bristol

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 3099 OF 2007-2008.]

The Commonwealth of Massachusetts

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In the Year Two Thousand and Nine

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An Act to extend the net operating loss carry forward provision.

                Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

            SECTION 1.  In the last sentence of paragraph 4, subsection 5, section 30 of chapter 63 of the General Laws, the words “prior to January 1, 2009” are inserted after “taxable year”.  The amended sentence should read as follows:  “Losses sustained in any taxable year prior to January 1, 2009, may be carried forward for not more than five years and may not be carried back.”  The following sentence should be inserted thereafter: “Losses sustained in any taxable year beginning on January 1, 2009, may be carried forward for not more than twenty years and may not be carried back.”

SECTION 2.  Notwithstanding any general or special law to the contrary,

the net operating loss carry-forward allowance established in subsection 5, section 30 of chapter 63 of the General Laws and amended herein, shall be applicable to any company subject to Massachusetts corporate excise taxation.

SECTION 3.  The provisions of this act shall take effect on January 1, 2010, or on the day after publication, whichever is later.