MASSACHUSETTS DEPARTMENT OF REVENUE REGULATION FACT SHEET
TITLE: 830 CMR 63.38B.1: Massachusetts Taxation of Security Corporations
REGULATORY HISTORY: Regulation promulgated 7/14/2006.
SUMMARY OF REGULATION: This Regulation sets forth detailed rules for the taxation of security corporations. In particular, this Regulation:
  • defines the qualifications for security corporation classification,
  • provides a detailed definition of a qualifying security,
  • explains the requirement that securities held by a security corporation must be held exclusively for investment purposes,
  • sets forth the procedure for applying for security corporation classification,
  • states the rules that apply for the continuance of security corporation classification, and the rules for cases where there is a change in activities,
  • sets forth the procedures for voluntary withdrawal from security corporation classification, and for revocation of classification.
REASON FOR PROMULGATION:
Pursuant to authority granted the Commissioner by G.L. c. 14, § 6(1); G.L. c. 62C, § 3.
PREPARED BY:
Massachusetts Department of Revenue
Rulings and Regulations Bureau
100 Cambridge Street, 7 th floor
Boston, MA 02114
(617) 626-3250
FAX: (617) 626-3290
06/06
216947