By Mr. Frost of Auburn, petition (accompanied by bill, House, No. 2907) of Paul K. Frost relative to the taxation of newly-formed domestic corporations.  Revenue.

The Commonwealth of Massachusetts

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PETITION OF:

Paul K. Frost

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In the Year Two Thousand and Seven.

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An Act relative to the taxation of certain corporations.

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Section 32 of Chapter 63 of the General Laws, as appearing in the 1994 Official Edition, is hereby amended by adding after the first sentence the following:—
Provided however, for the purposes of this section, a newly formed domestic corporation that is otherwise eligible to pay the excise provided in subsection (b) shall be exempt from the minimum payment of such excise tax for the first three taxable years of operation of said domestic corporation, should that corporation qualify.