Bill Text: MA S1382 | 2009-2010 | 186th General Court | Introduced
Bill Title: For legislation relative to the taxation of financial institutions
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 7/8 at 10:00 AM in Hearing Room B2 [S1382 Detail]
Download: Massachusetts-2009-S1382-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Walsh, Marian (SEN)
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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 relative to the taxation of financial institutions.
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PETITION OF:
|
Name: |
District/Address: |
|
Walsh, Marian (SEN) |
Suffolk and Norfolk |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE SENATE, NO. S01843 OF 2007-2008.]
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
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An Act relative to the taxation of financial institutions.
��������������� 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. Section 1 of chapter 63 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by inserting at the end of the definition of financial institution the following: �
Provided further that for taxable years beginning on or after January 1, 1999, any partnership or any S corporation, as defined under section 1361 of the Internal Revenue Code that otherwise falls within this definition shall not be taxable as a financial institution under this chapter. The partners in such a partnership shall be subject to tax on their distributive share of the partnership�s income. Such an S corporation shall be subject to the provisions of section 32D of this chapter and its shareholders shall be subject to tax on their distributive share of the S corporation�s income. Where such a partnership or S corporation has income from business activity which is taxable both within and without this commonwealth, the provisions of sections 1 and 2A of this chapter shall apply for purposes of determining the net income taxable under said section 32D and the portion of partnership or S corporation distributive income taxable under this chapter or chapter 62.
SECTION 2. Section 1 of this act shall take effect retroactively to January 1, 1999.
