| 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 |
