Changes in Massachusetts income tax law dealing with long-term capital gains for tax years beginning in 1996 eliminated a taxpayer's ability to net short- and long-term gains and losses, or to apply Part B losses arising from a trade or business to Part C gains. Language that would restore both of these features is, at the date of promulgation of this Directive, included in the House version of the fiscal year 2000 budget, but not in that of the Senate.
In order to avoid having to process amended returns and forcing taxpayers with long-term capital gains to file while there is substantial uncertainty about the law that will apply to them, the Department of Revenue will permit taxpayers to apply for an extension of time to file until December 31, 1999. This extension is not automatic. If the proposed capital gains changes are not approved, taxpayers must file under the existing rules. There will be no further administrative extensions.
A taxpayer wishing to take advantage of the extension must apply for it on or before October 15, 1999 using Form M4868, accompanied by payment of any unpaid tax reasonably estimated to be due. The application should be sent to P.O. Box 7010 , Boston, MA 02204. Mark the envelope: Special Extension: Capital Gains.
General Laws, chapter 62C, section 19; 830 CMR 62C.19.5(d).
/s/Frederick A. Laskey
Frederick A. Laskey
Commissioner of Revenue
October 8, 1999
People also viewed...
You recently viewed...
Personalization is OFF. Your personal browsing history at Mass.gov is not visible because your personalization is turned off. To view your history, turn your personalization on.
Learn more on our .
*Recommendations are based on site visitor traffic patterns and are not endorsements of that content.