Massachusetts General Laws - Taxation of Corporations - Chapter 63, Section 2

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Financial institutions; excise rate.

Section 2. (a) Except as provided in subsection (b), 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 January first, nineteen hundred and ninety-five but before January first, nineteen hundred and ninety-six, twelve and thirteen hundredths percent; on or after January first, nineteen hundred and ninety-six but before January first, nineteen hundred and ninety-seven, eleven and seventy-two hundredths percent; on or after January first, nineteen hundred and ninety-seven but before January first, nineteen hundred and ninety-eight, eleven and thirty-two hundredths percent; on or after January first, nineteen hundred and ninety-eight but before January first, nineteen hundred and ninety-nine, ten and ninety-one hundredths percent; on or after January first, nineteen hundred and ninety-nine, ten and one-half percent; provided, however, that the excise imposed hereunder shall be no less than four hundred and fifty-six dollars.

(b) Any corporation taxable under this section and described in clause (c), (d) or (e) of the definition of “financial institution” in section one, but not described in clause (a) or (b) of said definition, shall pay on account of each taxable year beginning on or after January first, nineteen hundred and ninety-five an excise measured by its net income determined to be taxable under section two A at the rate of ten and one-half percent; provided, however, that the excise imposed hereunder shall be no less than four hundred and fifty-six dollars.

(c) The commissioner is hereby authorized to adjust the net income of any taxpayer in accordance with the provisions of and the rules and regulations under section 482 of the Internal Revenue Code, as amended from time to time.

Last modified: March 26, 2006